Bloomfield Capital is pleased to announce the closing of an $11.0 million senior bridge loan on a select-service hospitality property located in greater Baltimore, MD.
The loan was used to refinance a maturing bank construction loan on the nearly stabilized asset. While the property qualified for conventional financing, the Sponsor requested a bridge loan to further season the asset until they seek permanent financing.
“Our Sponsor sought a balance sheet lender that could provide a short-term bridge loan in a time compressed situation”, stated Renee Lewis, a partner at Bloomfield Capital.
Bloomfield’s loan is expected to be repaid through a refinance of the property 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
