Case Study: Bridge‑to‑Perm Execution Creates 120%+ Value in 15 Months

Slatt Capital and Bridger Fund financed the full-circle acquisition, stabilization, and conventional payoff of a vacant 20,000 SF retail site in Escondido, enabling $3 million in value creation in just 15 months.

In August 2024, Bridger Fund demonstrated its ability to execute quickly by closing a $2.1 million bridge loan in just three weeks for the acquisition of 2010 E Valley Parkway at a contract price of $3.2 million. The property became available following 99 Cents Only Stores’ 2024 bankruptcy and closure of 371 stores. Principal and Managing Director Cody Charfauros of Slatt Capital served as a strategic advisor throughout the acquisition and arranged financing through Bridger Fund, a short-term, senior-secured commercial mortgage REIT operated in a joint venture with Slatt Capital.

The short-term loan allowed the sponsor to secure the property and, eventually, identify and install a new tenant: the Sterling Medical Veterans Affairs clinic. In 15 months, with minimal sponsor-paid capex and a new government-backed lease, the property appraised for over $7 million – a greater than 120% increase from the original purchase price. In early December, Charfauros and Slatt Capital successfully arranged a $3.5 million permanent mortgage through one of their correspondent life insurance company partners with a SOFR-based floating rate, interest-only loan, completing the full-circle project.

Swift Execution in a Competitive Market

When 99 Cents Only announced its bankruptcy in April 2024, approximately 3.8 million SF of retail space hit the market simultaneously across Southern California. Speed was essential. Bridger Fund’s streamlined underwriting process and relationship-based lending approach allowed the sponsor to secure the property while other buyers were still arranging financing. The loan closed in August 2024 with the following features:

• Accelerated closing timeline and certainty to close
• 65% loan-to-value ratio providing conservative leverage
• Full recourse from the sponsor
• Flexible terms allowing flexibility for immediate repositioning work
• No burdensome covenants that would slow execution

Strategic Partnership with Slatt Capital

Charfauros served as more than just a broker on this transaction. Acting as a strategic advisor, he identified the opportunity, structured the business plan with the sponsor, and leveraged Slatt Capital’s deep relationships to expedite both the acquisition and exit financing. His understanding of Bridger Fund’s lending parameters and the sponsor’s capabilities enabled a seamless execution that many traditional lenders could not match.

Value Creation Through Speed and Flexibility

Bridger Fund’s financing enabled the sponsor to achieve the following:

• Close quickly on the acquisition at $3.2 million while competitors were still evaluating
• Negotiate from a position of strength with a federal government tenant

The result: a vacant, single-tenant retail store transformed into a medical center valued at over $7 million, a greater than 120% increase in just 15 months.

Full-Circle Success

In December 2025, Slatt Capital completed the full-circle strategy by securing $3.5 million in permanent financing through one of its correspondent life insurance company relationships. This stabilized, long-term financing not only paid off Bridger Fund’s loan in full but also exceeded the original purchase price and returned significant cash to the sponsor. The transaction showcased the power of the Bridger Fund and Slatt Capital partnership: nimble bridge financing for acquisition and repositioning, followed by permanent institutional funding at stabilization.

The Bottom Line

This transaction exemplifies Bridger Fund’s core value proposition: providing fast, flexible capital that enables sponsors to capture time-sensitive opportunities. While traditional lenders required 60-90 days for approval on distressed retail acquisitions, Bridger Fund closed in three weeks. This speed, combined with Slatt Capital’s strategic advisory and exit execution, enabled a greater than 120% increase in value. The successful December 2025 payoff validates Bridger Fund’s underwriting and demonstrates the full lifecycle of successful bridge lending.

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If you would like more information about this transaction, or further details regarding Bridger Fund or Slatt Capitals strategic partnership or capabilities, please reach out to a member of our team.