Bloomfield Capital announces the closing of an $9.5 million senior bridge loan, which was used to finance an existing condo portfolio, with the cash-out proceeds going towards the acquisition of another commercial property.
The senior bridge loan refinanced the property and provided the Sponsor the necessary capital to acquire the additional property, while allowing for flexible release prices as the condos are sold.
“New, well located condos have have continued to show sales strength in the greater metropolitan area,” stated Brent Truscott, a Partner at Bloomfield Capital. “We are still seeing many buyers that need to be located close to Manhattan, with no slowdown in demand”, Truscott added.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, Denver, Chicago, Portland, and NYC, 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 $3-30 million in the form of bridge loans, mezzanine loans, and preferred equity investments.
For more news and information, or to contact us, please visit www.bloomfieldcapital.com.
Bloomfield Capital Contact:
Brent Truscott
Partner
877-690-7111
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
