August 2016 — Bloomfield Capital, a national direct lender and specialty real estate finance firm, has announced the closing of a $2.7 million senior bridge loan. The loan proceeds were used to acquire and renovate an industrial distribution property located in Lansing, Michigan.
“Bloomfield’s funds will allow the Sponsor to acquire and redevelop a well-located warehouse/distribution asset in a submarket with limited supply and strong demand drivers”, stated Jason Jarjosa, a principal at Bloomfield Capital. Jarjosa also added, “There continues to be a lack of affordable distribution and warehouse space in the Midwest and the South. This project involves the conversion of a large single-tenant building into productive multi-tenant space. Bloomfield’s borrowers have come to appreciate our ability to see the value in renovating existing warehouse and distribution assets to serve the need of small and medium sized tenants.”
Bloomfield has closed loans on over 2,000,000 square feet of industrial and distribution space during the first 8 months of 2016.
