$3.1 million Senior bridging loan
BIRMINGHAM, Mich., June 23, 2022 /PRNewswire/ — Bloomfield Capital Announces the Closing of a $3.1 million senior bridge loan, which provided the capital to refinance and renovate a 25,000 square foot flexible office/industrial building located in Dore, CO. The sponsor needed immediate funding due to tenants who had already signed leases and were waiting to occupy the completed space.
The developer originally acquired the property in 2020 and began interior demolition immediately after. Bloomfield’s bridge loan enabled the completion of the renovations and the conversion of the building into multi-tenant occupancy. Concurrent with the closing of the refinancing, the limited partner acquired a nearby business that will vacate its existing space to occupy part of the subject property.
“Often we meet with sponsors and then don’t talk to them for several months or years until they need capital for a fast-moving opportunity,” said Jason Jarjosa, partner at Bloomfield Capital. “This transaction is a great example of that. Once we engaged with the sponsor, we were able to quickly fund this transaction and allow the backlog of motivated tenants to move into the renovated space,” he said. he adds.
The promoter plans to refinance Bloomfield’s bridge loan with a conventional loan in approximately 12 months once interior improvements are complete and new tenants take possession.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices at Detroit, denver, Chicago, Los Angeles, Portland, and NYC, the Bloomfield Capital team draws on a broad base of experience in commercial real estate and finance. The company provides debt and equity solutions to meet the demands of time-sensitive and complex transactions. Bloomfield Capital specializes in small to mid-sized financings $3-30 million in the form of bridge loans, mezzanine loans and investments in preferred shares.
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