Bloomfield Capital Acquires VAR Capital Advisors
Bloomfield Capital and VAR Capital Advisors today announced that the companies have entered into an agreement under which Bloomfield will acquire the consulting platform and key leadership from VAR, and Renee Lewis, founder of VAR Capital, will be named a Managing Partner of Bloomfield.
Bloomfield Capital is a real estate private equity firm focused on investing in opportunistic and special situation debt and equity transactions. Since 2008, Bloomfield has deployed over $500 million in capital across nearly 30 states. The firm manages three institutional private-equity investment funds with over $180 Million in assets under management (AUM) as of September 30, 2017.
VAR Capital Advisors specializes in due diligence, asset management, and consulting services for institutional real estate investors nationwide. The agreement was formed in order to augment Bloomfield’s existing platform with additional industry-leading talent as the firm grows its operations nationwide.
Acquisition discussions began in response to Bloomfield’s significant growth. Over the past two years, Bloomfield has opened offices in Denver, CO and Greenwich, CT with the goal of adding geographic diversification to its platform and investments. Acquiring the team at VAR will further enhance Bloomfield’s geographical expertise, and includes the establishment of its newest office in Portland, Maine.
“For many years, VAR Capital has been a trusted friend and advisor,” commented Nicholas Coburn, Founder and Managing Partner of Bloomfield Capital. “Their familiarity with our business and significant experience in diligence, asset management, and debt acquisition, makes their team a synergistic addition to Bloomfield’s growing platform.”
“We’re excited to be joining the talented team at Bloomfield Capital and to be part of the firm’s growth as a lender and investor,” said Renee Lewis. “We look forward to working together with Bloomfield’s management team, maintaining operations in Portland, and continuing to lead the industry with this partnership.”
VAR Capital Advisors will retain its consulting business, serving institutional clients as it has since its inception in 2014.
$3,200,000 Senior Bridge Loan Secured by Colorado Warehouse
Bloomfield Capital, a national direct lender and equity investor has announced the closing of a $3.2 million senior bridge loan in greater Denver, Colorado. Bloomfield has been actively funding commercial real estate loans across the country since 2008 and considers the high growth e-commerce market as a key driver for continued investment in industrial warehouse properties.
The loan proceeds were used to refinance a maturing bank loan on this well-located flex warehouse property. Bloomfield was able to deliver the necessary capital while the sponsor prepared for a longer-term financing solution on the asset. The sponsor, who operates a multifaceted marketing and distribution business, was not in a position to obtain a conventional loan because the multi-tenant property was not fully stabilized.
“Bloomfield’s loan funded the capital necessary to refinance an existing loan while giving the sponsor the flexibility to prepay the senior bridge loan without incurring any penalties” stated Brent Truscott, a principal at Bloomfield Capital. “The sponsor was very focused on their operating business and relied on Bloomfield to understand and fund this complex transaction. This loan represents our typical bridge capital transaction where immediate action and principal level attention are required to execute on a unique situation in a time compressed manner” Truscott added.
Bloomfield Capital will be exhibiting at the 2017 National Alliance for Commercial Loan Brokers Conference in Orlando, FL on October 17-19th.
Brent Truscott, Partner at Bloomfield Capital will be speaking during the Commercial Real Estate Lending Break Out Sessions on the 18th and 19th.