November 2016 — Bloomfield Capital (Birmingham, MI), a national direct lender and specialty real estate finance firm, has announced the closing of a $1.35 million senior bridge loan. The loan proceeds were used to fund the renovation of a retail asset located within the heart of the central business district (CBD) of Detroit, Michigan.
“Bloomfield’s funds provided the Sponsor the capital necessary to complete the renovation of the property”, stated Nicholas Coburn, a principal at Bloomfield Capital. “The Sponsor originally acquired the asset several years ago, and once renovated, plans to open and operate a multi-use dining and entertainment facility at the property.”
The City of Detroit is in the midst of a remarkable resurgence. Private investors have continued to acquire and renovate historic buildings at a record pace, retail vacancy for the CBD is below 6.0%, and new residential projects throughout downtown are injecting 24/7 activity to promote a live-work-play environment.
“Due to the property’s location near major demand generators, Bloomfield’s loan will allow the Sponsor to complete the project and become a part of Detroit’s resurgence”, Coburn added.
