Bloomfield Capital is pleased to announce the closing of an $20.0 million senior bridge loan on a portfolio of select-service hospitality properties located in greater Dallas, TX.
The senior bridge loan was used to refinance several maturing loans as well as allocate property improvement plan (PIP) funds to several hotels that required capital improvement during the normal course of operations. While several of the properties qualified for conventional financing, the Sponsor requested a bridge loan to further season the assets until they seek permanent financing.
“Bloomfield was able to quickly underwrite and close this senior bridge loan while addressing both the refinancing needs and the required PIP funding”, stated Brent Truscott, a Partner at Bloomfield Capital. “While mid-cycle renovations can often be disruptive to the financial performance of individual assets, we were able to underwrite the entire hotel portfolio and provide the capital required to get all the properties back to stabilization quickly”, Truscott added.
Bloomfield’s loan will stabilize the portfolio, and it is expected to be repaid through conventional financing in 18-24 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
