Bloomfield Capital is pleased to announce the closing of a $6.0 million senior bridge loan on a limited-service hotel located in Houston, TX. The property, which had opened prior to the Covid-19 pandemic, had not yet fully stabilized.
Bloomfield’s loan proceeds were used to refinance the asset and allow sufficient time for the property to achieve the performance required for permanent financing.
“We have seen a significant increase in hospitality requests as many banks that would have financed these properties continue to sit on the sidelines due to a saturation of real estate loans on their balance sheets”, stated Renee Lewis, a partner at Bloomfield Capital.
The Sponsor plans to refinance Bloomfield’s bridge loan with conventional financing in the next 12-18 months.
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
