Case Study: Bridge Financing Enables Partnership Acquisition, Pays Off in Full via Permanent Refinance

Bridger Fund and Slatt Capital partnered to deliver fast, flexible bridge capital enabling the borrower to complete a time-sensitive partnership acquisition, with the loan paying off in full within months through a permanent refinance arranged by David Bruni, Principal of Slatt Capital.

The Challenge

In December 2025, Bridger Fund closed a $3.1 million cash-out bridge loan secured by Pavlina Plaza, a 96,247 SF multi-tenant retail shopping center in Sunnyvale, California. The loan was originated in just four weeks and brought to Bridger Fund by David Bruni, Principal of Slatt Capital.

The borrower, a well-capitalized real estate ownership group with a large multi-property portfolio that did not need capital against Pavlina Plaza for property-level purposes. Instead, the proceeds were required to fund the acquisition of a partnership interest in a separate property. Pavlina Plaza served as a clean, unencumbered asset providing an ideal collateral base for a short-term loan.

The Collateral

Pavlina Plaza is a five-building retail shopping center situated on 8.95 acres along El Camino Real, one of Silicon Valley’s most heavily trafficked commercial corridors with over 40,000 vehicles per day. The center, originally built in 1973 and renovated in 1992, is fully occupied with a diverse, credit-quality tenant mix including national anchors CVS and dd’s Discounts, as well as a JP Morgan Chase branch, McDonald’s, FedEx, Club Pilates, and a range of neighborhood service tenants.

The Solution

The borrower’s need for capital was time sensitive as the partnership interest acquisition at the seperate property required certainty of close on a compressed timeline. Bridger Fund’s streamlined underwriting process and relationship-driven lending approach allowed the transaction to close in four weeks, well within the required window.

The loan closed with the following key terms:

• $3.1 million first deed of trust, full recourse
• Six-month term with no prepayment penalty
• 9.0% fixed interest rate / 2.0% origination fee
• 7.3% loan-to-value against a $42.5M value
• No impounds, no holdbacks, no interest reserves
• No burdensome covenants that would constrain the borrower’s use of the subject property and partnership buyout of the target property

The Success

The loan paid off in full through a $5 million permanent refinance arranged by David through one of Slatt’s long-term correspondent life insurance company relationships. The refinance validates the strength of the collateral, the borrower’s creditworthiness, and the underwriting judgment Bridger Fund applied at origination.

If you’d like to learn more about this transaction or have any other questions about Bridger Fund, contact either Stephen Shea, Investor Relations for Bridger Fund or David Bruni, Principal of Slatt Capital.

Stephen Shea: (925) 286.3954 or shea@bridgerfund.com

David Bruni: (650) 409.8108 or dbruni@slatt.com