BIRMINGHAM, MI / ACCESSWIRE / November 17, 2023 / Bloomfield Capital announces the closing of a $26.0 million senior bridge loan, which was used to refinance a portfolio of commercial assets located in the greater Los Angeles area.
The sponsor, an experienced commercial real estate owner and operator, purchased the assets over the past several years and has successfully entitled and leased several of the properties for creative office use. The loan includes the funds necessary for future renovations and leasing commissions.
'Bloomfield Capital continues to seek out and finance best-in-class sponsors and operators across all asset types,' stated Brent Truscott, a partner at Bloomfield Capital. 'Current market conditions are creating opportunities to provide capital for opportunistic projects where banks are not able to move swiftly enough to meet fast-moving project deadlines,' Truscott added.
The Sponsor plans to refinance Bloomfield's bridge loan with conventional financing in the next 12-18 months.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, Denver, Chicago, 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.
SOURCE: Bloomfield Capital
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