Bloomfield Capital, a national direct lender and equity investor has announced the closing of a $7.5 million senior bridge loan in Atlanta, GA on an apartment building and attached parking garage.
The project is located on the edge of the Midtown and Buckhead neighborhoods of Atlanta within close proximity to a diverse range of retail, restaurant, and employment centers. Bloomfield’s bridge loan will help facilitate the refinance and redevelopment of the 9-story former office building into 100 luxury rental apartment units with a small office component. The building is one of few remaining value-add apartment redevelopment projects in north Midtown and south Buckhead.
The sponsor, an experienced real estate investor and developer, has previously completed similar renovations and redevelopment projects in the greater Atlanta area. Upon further asset stabilization, the Sponsor plans to refinance Bloomfield’s debt with conventional financing and hold the property for the foreseeable future.
“This was a complex transaction involving multiple parties with a tight closing timeline due to a maturing loan”, stated Renee Lewis, Managing Partner at Bloomfield Capital. “The asset’s central location, on-site parking garage and strength of the Midtown/Buckhead multifamily market will make for a great apartment project, and we were happy to meet the sponsor’s needs.”
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, New York, Los Angeles, Denver, Chicago, and Portland, Bloomfield Capital’s team draws from a broad base of commercial real estate and finance experience. The firm provides debt and equity solutions to meet the demands of time-sensitive and complex transactions. Bloomfield Capital specializes in small to medium-sized financings from $2-20 million in the form of bridge loans, mezzanine loans and preferred equity investments.
Bloomfield Capital Contact:
Renee Lewis
Partner
248-745-1700
rlewis@bloomfieldcapital.com
www.bloomfieldcapital.com
