PHOENIX—JCR Capital announced the recent closing of a $22 million bridge loan on a portfolio of retail and office located around Phoenix. The transaction continues to strengthen JCR's presence in middle-market bridge lending.
JCR provided the loan to a borrower whose note had matured on the portfolio and had a tight deadline to repay the note to avoid foreclosure. JCR closed the loan on an expedited basis and provided the proceeds for the borrower to pay off the existing note holder.
“We have seen a continued demand from the market for short term capital in order to facilitate discounted note payoffs and opportunistic acquisitions of distressed properties,” Jay Rollins, JCR Capital president and CEO, said.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
