$3.16 Million Senior Bridge Loan Secured by Indianapolis Retail Properties
February 2017 — Bloomfield Capital (Birmingham, MI), a national direct lender and specialty real estate finance firm, has announced the closing of a $3.16 million senior bridge loan. The loan proceeds were used to facilitate the discounted payoff on multiple retail assets located in Indianapolis, Indiana.
“Bloomfield’s funds provided the Sponsor the capital necessary to refinance the properties at a 50% discount to the prior outstanding debt”, stated Jason Jarjosa, a principal at Bloomfield Capital. “The Sponsor is an experienced retail developer, has owned each asset in excess of ten years, and plans to perform light maintenance at each property to maintain and increase occupancy,” Jarjosa added.
Expanding retailers and favorable demographic trends are enticing investors to Indianapolis retail assets. As of Q3 2016, the vacancy rate for Indianapolis retail fell 50 basis points to a 10-year low of 6.0% on strong tenant demand. Residential development is growing throughout the metro area attracting new big box retailers while targeted store closures will provide investors value-add opportunities in 2017.
Throughout 2016, Bloomfield Capital closed multiple bridge loans on multi-tenant retail centers nationwide, including several discounted payoffs.