Bloomfield Capital Provides a $5.9 Million Bridge Loan Secured by a Hospitality Property in St. Augustine, FL
Bloomfield Capital, a national direct lender and equity investor has announced the closing of a $5.9 million senior bridge loan in Florida. The loan is secured by newly constructed La Quinta hotel.
The project is located near the waterfront in St. Augustine, FL, a city that attracts over 6 million visitors annually. Bloomfield provided a new bridge loan to refinance an existing construction loan, complete final punch lists items prior to opening and to allow for a cash-out investment into an additional real estate transaction.
“Traditional lenders are starting to shy away from financing hospitality assets that don’t have at least 6 to 9 months of stabilized operations.,” stated Jason Jarjosa, Managing Partner at Bloomfield Capital. “Our ability to underwrite the significant value added to this asset during the design and entitlement process, along with the stellar location and the sponsor’s track record of success, created a win-win situation for both Bloomfield and the sponsorship team.”
Bloomfield has been active in the hospitality space, funding loans on 8 hospitality assets in the last 12 months.