Bloomfield Capital is pleased to announce the closing of an $11.0 million senior bridge loan on a multifamily property located in the Canton submarket of Baltimore, MD. The proceeds were used to refinance a maturing bank loan. The property was in the process of increasing rents and was not ready for permanent financing.
According to CoStar, Canton is one of Baltimore’s most active submarkets. The market vacancy rate is currently 6.7% and decreasing, while rents are continuing to increase as recently delivered multifamily units are absorbed and demand remains strong.
“As a balance sheet lender with an internal credit committee, Bloomfield Capital is able to provide certainty of execution in time compressed situations”, stated Brent Truscott, 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
