$2.4 Million Senior Bridge Loan – Georgia Multifamily Property
August 2016 — Bloomfield Capital, a national direct lender and specialty real estate finance firm, has announced the closing of a $2.4 million senior bridge loan. The loan proceeds were used to acquire and renovate a 118-unit apartment property located in Decatur, Georgia.
“Bloomfield’s funds allowed the Sponsor to acquire an off-market property that had an immediate closing deadline”, stated Brent Truscott, a principal at Bloomfield Capital. “The senior bridge loan also provided the capital necessary to renovate the property, which will allow it to become competitive with nearby apartment complexes in terms of rental rates and interior finishes.”
As a direct lender, Bloomfield was able to structure, underwrite, and fund this transaction in less than 30 days. Truscott also added, “Value-add multifamily opportunities are becoming harder to find, and Bloomfield’s platform allows our borrowers to meet quick closing timelines. Our bridge capital is often the winning differentiator for buyers on fast moving commercial real estate acquisitions.”