$3.0 Million Senior Bridge Loan – Minnesota Mixed-Use Property
September 2016 — Bloomfield Capital, a national direct lender and specialty real estate finance firm, has announced the closing of a $3.0 million senior bridge loan. The loan proceeds were used to acquire a mixed-use property located in St. Paul, Minnesota.
“Bloomfield’s loan allowed the Sponsor to acquire an extremely well-located asset in the heart of Downtown St. Paul”, stated Jason Jarjosa, a principal at Bloomfield Capital. “The senior bridge loan will also afford the necessary time for the Sponsor to finalize their redevelopment plans, obtain construction financing, and syndicate historic tax credits”.
The twin cities were one of the few regions in the country to maintain economic stability during the recession, and were some of the first cities to emerge from the downturn. Coupled with strong economic growth, there has been an influx of residents to downtown St. Paul, which has created a large demand for infill apartment complexes such as this. Additionally, conventional lenders are actively lending on this type of project once the renovation plans are finalized and the tax credits are fully approved.
“As a direct lender, Bloomfield was able to creatively structure this transaction to accomplish the Sponsor’s goals”, Jarjosa added.