$3.1 Million Senior Bridge 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 flex office/industrial building located in Golden, CO. The Sponsor required immediate funding due to tenants that had already executed leases and were waiting to occupy the completed space.
The Sponsor originally acquired the property in 2020 and commenced interior demolition immediately thereafter. Bloomfield's bridge loan allowed for the completion of the renovations and conversion of the building to multi-tenant occupancy. Simultaneously with the closing of the refinance, the Sponsor acquired a nearby business that will vacate its existing space to occupy a portion of the subject property.
"Oftentimes, we meet Sponsors, and then don't talk to them for several months or years until they need capital for a fast moving opportunity", stated Jason Jarjosa, a Partner at Bloomfield Capital. "This transaction is a great example of that. Once we'd 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 added.
The Sponsor plans to refinance Bloomfield's bridge loan with a conventional loan in approximately 12 months once interior upgrades are complete and the new tenants take occupancy.
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, Denver, Chicago, Los Angeles, Portland, and NYC, Bloomfield Capital's team draws from a broad base of commercial real estate and finance experience. The firm provides debt and equity solutions to meet the demands of time-sensitive and complex transactions. Bloomfield Capital specializes in small- to medium-sized financings from $3-30 million in the form of bridge loans, mezzanine loans, and preferred equity investments.
For more news and information, or to contact us, please visit www.bloomfieldcapital.com.
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SOURCE Bloomfield Capital