Bloomfield Capital, a national direct lender and equity investor, has announced the closing of a $3.0 million senior bridge loan in Chicago, IL, secured by an 18-unit apartment complex.
Located in the heart of the Gold Coast of Chicago, the property is surrounded by world class restaurants, hotels and millions of square feet of class A apartments and offices. The Sponsor acquired the site along with an adjacent hospitality asset several years ago, and prior to Bloomfield’s loan, owned the asset outright.
Bloomfield’s bridge loan provided the capital needed to renovate the individual units into short-term stay apartments, as well as to provide balance sheet liquidity necessary to meet loan covenants on other projects in the Sponsor’s portfolio. The ultimate businesses plan for the property it to finalize conversion to short-term stay rentals and master-lease the entire property to a national operator.
Upon stabilization, the Sponsor plans to refinance Bloomfield’s debt with conventional financing and hold the property indefinitely.
“As with many of our transactions, this repeat Bloomfield Capital borrower came to us when execution and timing were of utmost importance,” stated Nicholas Coburn, Managing Partner at Bloomfield Capital. “The irreplaceable location of this property and the strength of the experienced Sponsorship allowed us to quickly due diligence and fund this senior bridge loan”, Coburn added.
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:
Nicholas Coburn
Partner
248-745-1700
ncoburn@bloomfieldcapital.com
www.bloomfieldcapital.com
