$6,000,000 Senior Bridge Loan Secured by New Jersey Medical Office
Bloomfield Capital recently closed a $6.0 million senior secured bridge loan to refinance a maturing CMBS loan secured by a stabilized Class A Medical Office Building in Tom’s River, NJ. The relatively new building, of mid-2000’s construction, was a true build-to-suit for a group of medical tenants, including a large orthopedics group and several dental professionals. Key strengths to the transaction, outside of the excellent property condition, included immediate proximity to a local hospital and surrounding network of post-acute providers, as well as the orthopedic group’s direct relationship with a neighboring age-restricted community that cultivates steady patient flows to the property.
Though the ownership group and the asset would normally qualify for traditional financing, a complex ownership structure and several maturing tenants prevented conventional lenders from meeting the payoff deadline on the maturing CMBS note. Bloomfield’s team worked quickly and effectively to underwrite the asset and put a short-term bridge financing solution in place. Bloomfield’s loan will ultimately position the sponsors to pursue more traditional takeout financing upon seasoning of the bridge loan and a reorganization of the ownership group.