SITUATION:
An experienced hospitality owner required financing to execute the refinancing and renovation of a 100-room hotel located in southern Illinois. The sponsors required immediate execution given that their existing loan had matured.
SOLUTION:
Bloomfield Capital was retained to provide a senior bridge loan on the property, with proceeds facilitating the acquisition and renovation of the hotel.
The flagged hotel was originally built by the sponsors in the mid-2000s as a full-service property. Bloomfield’s bridge loan will fund the conversion of the property to a limited-service flag, which is expected to drive additional demand for the hotel. The property benefits from its location near a Division 1 university, a regional hospital, and additional business and leisure demand drivers in the market.
Bloomfield quickly underwrote the sponsor’s renovation budget as well as the hotel’s historical and projected operating performance. The Sponsor plans to refinance Bloomfield’s bridge loan with a conventional loan upon completion of the required renovations and stabilization of the hotel’s operations.
HOW CAN WE HELP YOU?
When you are faced with these types of uncommon, urgent-to-close situations that require debt or equity between $3-30 million, there’s no group more experienced to handle them than the team at Bloomfield Capital.
In the 14 years we’ve been serving the commercial real estate community, we’ve funded over $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
