Bloomfield Capital is a direct lender with a strong history of originating commercial real estate bridge loans on industrial properties nationwide. The firm has recently completed bridge financing for a number of industrial properties across the central and eastern states. Below are several industrial transactions that the firm completed in 2016.
Toledo Warehouse/Distribution Funding. In August 2016, Bloomfield Capital closed on a $5.4 million senior bridge loan. The loan proceeds were used to purchase a warehouse/distribution property located in Toledo, Ohio. Toledo’s industrial market remains strong, driven primarily by Toledo’s interstate access and centralized location. 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. Quoted rental rates decreased only slightly, down to $3.30 from $3.34 in the previous quarter.
Knoxville Mixed-Use Industrial Funding. In June 2016, Bloomfield Capital closed on a $2.0 million senior bridge loan. The loan proceeds were used to refinance and renovate a historic mixed-use industrial property located in Knoxville, Tennessee. Bloomfield’s funds allowed the Sponsor to refinance the existing mortgage which had matured, and provided the capital necessary to begin renovating the property for new tenants. Knoxville has seen a recent spike in historic renovations and the adaptive re-use of older industrial buildings. East Tennessee office vacancy rates are hovering around 7.0% and no large deliveries of office space are planned for the Knoxville market. This, combined with Class B space being absorbed by new businesses, is creating a strong market for affordable and flexible office space in the metro Knoxville area.
Senior Bridge Loan Secured by 2 Industrial Buildings. In May 2016, Bloomfield Capital closed on a $5.4 million senior bridge loan. The loan proceeds were used to both refinance the existing debt on an industrial property located in northwest Mississippi and to acquire and redevelop an industrial property located in Lansing, Michigan. As the economy recovers, a number of investors are taking advantage of tightening markets where existing industrial assets can be renovated and repositioned at a fraction of the time and cost that it would require for new construction.
The team at Bloomfield Capital is known for our ability to successfully invest in commercial real estate through the origination of first lien bridge loans and the direct acquisitions of other types of collateralized real estate obligations – whether in the Midwest or in markets throughout the nation.
