SITUATION:
A midwest-based Sponsor approached Bloomfield Capital to provide a cash-out bridge loan on a partially occupied industrial property located in Detroit, MI. The asset was acquired by the Sponsor, along with an adjacent land parcel, several years ago. Located several miles north of the CBD, the property features interior/exterior storage, an abundance of dock doors and clear heights of up to 40 ft. The site also offers immediate access from major freeways and is situated within a neighborhood that has undergone a transformation over the last several years.
SOLUTION:
The proceed from Bloomfield’s senior bridge loan were used by the Sponsor to meet other pending, time-sensitive acquisitions. The ultimate businesses plan for the subject property is to complete the lease-up of the remaining vacant space, refinance Bloomfield’s debt with conventional financing and hold the asset indefinitely.
HOW CAN WE HELP YOU?
When you’re faced with these types of uncommon, urgent-to-close situations that require bridge loans between $2-20 million, there’s no one more experienced to handle them than the team at Bloomfield Capital. In the 11 years we’ve been serving the commercial real estate community, we’ve funded nearly $1 billion of these types of complex, time-constrained capital requests. With us, you can have complete confidence that your important project is in experienced, tactical and confident hands.
Bloomfield Capital Contact:
Brent Truscott
Partner
248-745-1700
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
