MBA NewsLink Staff
BridgeCore Capital Launches Operations
BridgeCore Capital, Beverly Hills, Calif. commenced operations providing private bridge financing for commercial and non-owner-occupied residential properties throughout California.
BridgeCore provides non-recourse short term loans of up to $7.5 million with loan-to-value ratios not exceeding 65 percent and without prepayment premiums. Transactions can be completed in as few as seven business days, with funding provided by a well-capitalized investor base.
Prior to forming BridgeCore, company Founder and Principal Elliot Shirwo oversaw the private mortgage lending business of a real estate investment firm for nearly a decade. He previously was general counsel and secretary of Peerless Systems Corp. and was in a private legal practice handling real estate and insurance intellectual property transactional and related matters.
CBRE Acquires New England Joint Venture
CBRE Group, Los Angeles, acquired CB Richard Ellis-N.E. Partners LP, a joint venture with Whittier Partners Group and the largest full-service commercial real estate services operation in New England.
The CBRE/New England leadership team and professionals will join CBRE immediately.
This represents CBRE's second move in its New England platform this year. In February a group of Transwestern commercial real estate professionals led by Steve Purpura joined CBRE.
The Boston Business Journal reported CBRE/New England's operations ranked number one last year with 12.3 million square feet of leasing transactions in Massachusetts completed during 2017. The Purpura-led team that joined CBRE completed more than 9.1 million square feet of leasing transactions in the same market and timeframe, making them the region's third-largest commercial real estate operation for 2017.
CBRE/New England and the Purpura-led team manage more than 100 million square feet of commercial property and corporate facilities and have more than 1200 employees in seven offices throughout New England including Boston, Hartford, New Haven, Providence, Portsmouth, Manchester and Portland.
TCN Worldwide, CREXi Announce Partnership
TCN Worldwide, Dallas, announced Commercial Real Estate Exchange Inc. as a strategic partner and a sponsor of the TCN Worldwide 2018 Fall Conference in Las Vegas in October and the TCN Worldwide 2019 Spring Principals Conference in Washington D.C. next April.
Commercial Real Estate Exchange Inc. is a commercial real estate industry marketplace and technology platform dedicated to supporting the CRE industry and its stakeholders. CREXi enables commercial real estate professionals to streamline, manage and grow their businesses using transaction management services.
Since launching in 2016, CREXi has helped buyers, sellers and brokers to transact business on more than 90,000 commercial listings totaling more than $450 billion in property value.
Freddie Mac Prices $248 Million Multifamily K-Deal
Freddie Mac, McLean, Va., priced a new offering of Structured Pass-Through K Certificates backed by underlying collateral consisting of supplemental multifamily mortgages.
The company said it expects to issue $248 million in K Certificates (K-J21 Certificates) on or about September 17.
Merrill Lynch, Pierce, Fenner & Smith Inc. served as Lead Manager and Sole Bookrunner.