Resource Capital Corp announced today that it was able to close a US$44 million bridge loan. The loan was attained by using the 186,000 square foot grocery anchored shopping mall in Los Angeles, California as collateral.

Bank of America, Orchard Supply, Ralph's Supermarket and CVS are some of the major lessees of the estate. Resource Capital has an existing contract to sell an A-note to a strategic partner and will hold on to a significant mezzanine loan. The borrowed amount will then finance the purchase of the fee interest from the leasehold as well as property improvements. 

"This loan demonstrates Resource Capital's ability to utilize its strong balance sheet and deep capital markets experience to continue to provide customized financing solutions for our clients in the larger loan space. The ability to underwrite and originate larger loans and sell off A-Notes provides Resource Capital with access to the high-yield mezzanine loan space on a self-originated basis, and allows us to structure and price transactions and continue to control our borrower relationships. We look forward to the expansion of this aspect of our lending business," disclosed by Dave Bloom, Senior Vice-President and Head of Real Estate Debt Business of Resource Capital.