Bloomfield Capital, a national direct lender and equity investor has announced the closing of a $2.8 million senior bridge loan. The loan is secured by a mixed-use property located in Denver, CO.
The project is located in the burgeoning River North (“RiNo”) neighborhood of downtown Denver and consists of two existing structures plus vacant land. Bloomfield provided a new bridge loan to complete the acquisition and provide funds for capital improvements and stabilization of the two existing buildings and surrounding parking spaces.
Bloomfield’s loan allowed the Sponsor to acquire the off-market transaction and quickly begin renovating the assets. The Sponsor, a long-time commercial real estate investor, has previously completed similar renovation and repositioning projects. Once the building improvements are complete, the Sponsor plans to lease the buildings to commercial tenants to complement the surrounding makeup of the RiNo neighborhood which includes boutique stores, restaurants, and craft breweries.
“This was a time sensitive and confidential transaction that involved significant redevelopment of a mixed-use building,” stated Renee Lewis, Managing Partner at Bloomfield Capital. “Upon stabilization of the asset, the Sponsor plans to refinance our loan with conventional bank debt and hold the property for the foreseeable future.”
