Bloomfield Capital is attending the 2017 AAHOA Convention
Meet Bloomfield Capital at the 2017 Asian American Hotel Owners Association Convention on April 11-14, 2017 in San Antonio, Texas. We’ll be exhibiting at Booth #1246. Click HERE for more information.
$3.16 Million Senior Bridge Loan Secured by Indianapolis Retail Properties
February 2017 — Bloomfield Capital (Birmingham, MI), a national direct lender and specialty real estate finance firm, has announced the closing of a $3.16 million senior bridge loan. The loan proceeds were used to facilitate the discounted payoff on multiple retail assets located in Indianapolis, Indiana.
“Bloomfield’s funds provided the Sponsor the capital necessary to refinance the properties at a 50% discount to the prior outstanding debt”, stated Jason Jarjosa, a principal at Bloomfield Capital. “The Sponsor is an experienced retail developer, has owned each asset in excess of ten years, and plans to perform light maintenance at each property to maintain and increase occupancy,” Jarjosa added.
Expanding retailers and favorable demographic trends are enticing investors to Indianapolis retail assets. As of Q3 2016, the vacancy rate for Indianapolis retail fell 50 basis points to a 10-year low of 6.0% on strong tenant demand. Residential development is growing throughout the metro area attracting new big box retailers while targeted store closures will provide investors value-add opportunities in 2017.
Throughout 2016, Bloomfield Capital closed multiple bridge loans on multi-tenant retail centers nationwide, including several discounted payoffs.
$5.4 Million Senior Bridge Loan – Ohio Warehouse/Distribution
January 2017 – Bloomfield Capital (Birmingham, MI), a national direct lender and specialty real estate finance firm, has announced the closing of a $5.4 million senior bridge loan. The loan proceeds were used to purchase a warehouse/distribution property located in the Toledo, Ohio submarket of Perrysburg.
“Bloomfield’s funds provided the Sponsor the capital necessary to acquire the property out of receivership”, stated Brent Truscott, a principal at Bloomfield Capital. “The Sponsor plans to perform light maintenance and improvements at the property to attract new tenants and expand current leases to maximize occupancy.”
Toledo’s industrial market continues to remain strong. Settled in the heart of the Midwest, Toledo is located within a day’s drive of approximately 70% of the U.S. population. This is largely realized by the city’s interstate access as Toledo is intersected by both I-90 and I-75.
Convenient interstate access and centralized location have enabled Toledo to consistently outperform the larger U.S. industrial market. As of Q3 2016, Toledo’s vacancy rate has decreased to 4.8%, down from 5.1% in the previous quarter. In addition, Toledo experienced net absorption of 390,554 square feet over the quarter. Perrysburg, a submarket of Toledo, is consistently a top performing market in Toledo. Perrysburg’s vacancy rate stands at 2.9%, representing seven quarters of consistent improvement. In addition, quoted rental rates have increased each of the last 6 quarters, ending Q3 2016 at $3.52 per square foot.
During the last 12 months, Bloomfield Capital has funded bridge loans on over 2,000,000 square feet of warehouse and industrial space across the United States.