As rapid growth continues in Denver and surrounding areas, developers and owners of commercial real estate can benefit from working with direct lenders like Bloomfield Capital. Short term financing solutions, such as bridge loans, are often an attractive option because of their ability to close efficiently. Traditional lenders with strict lending criteria may not be able to structure the necessary financing nor be responsive enough to perform in a time-constrained manner for a borrower that needs to capitalize on a fast moving opportunity.
Financing a commercial property in Denver with a private bridge loan allows borrowers to close efficiently and take advantage of unique opportunities to acquire, refinance, or reposition new or existing assets.
2017 saw continued demand for multifamily product in downtown Denver and its surrounding suburban markets. The metro area received 9,713 new apartment units in just the first nine months of 2017, according to the Apartment Association of Metro Denver. Industry researchers do not predict a slowdown in demand in early 2018 meaning developers and owners will be tasked with bringing more multifamily units online in the New Year. Direct access to capital funding sources can be a key differentiator for owners and developers in this market. Behind multifamily metrics, other economic indicators point to rises in key areas including the addition of 19,300 jobs in Denver and a 78.1% increase in hotel occupancy as compared to the last year. This growth means we can expect continued demand for office space, retail, and hospitality properties in the coming years as well.
During the winter of 2017, Bloomfield funded a $5.8 million loan on a 70,000 square foot call center building in Denver, CO. The sponsor had recently signed a lease with an “A” rated national office tenant to occupy 75% of the building’s space. The remainder of the space was occupied by a related business of the sponsor. The loan proceeds were used to pay off a previous lender and as $1.5 million in capital which was used to grow the sponsor’s financial services business.
Other recent transactions in Colorado include:
Wheat Ridge, CO: Industrial
Littleton, CO: Retail
Boulder, CO: Specialty Commercial Real Estate
Commerce City, CO: Specialty Commercial Real Estate
Englewood, CO: Office
Wheat Ridge, CO: Office
