The thoughts of Bloomfield Capital are with all of those affected by recent weather events across the nation. To our trusted friends, colleagues, and partners in Greater Houston and South Florida, we will hope for your continued safety while supporting the rebuilding of your communities. We encourage others to support on-the-ground relief efforts through Heart to Heart International.
Bloomfield will continue to make donations in addition to providing capital resources, including loan assistance, for rebuilding and restoring commercial assets that were impacted by recent weather events.
Catastrophic storm events have long-standing impacts on a region’s economy and its commercial real estate assets. While hurricane season is still underway, Hurricane Harvey has passed Houston, leaving an estimated $190 billion in damages according to AccuWeather.
Of this $190 billion in damages, CoStar estimates that commercial real estate damage represents $55 billion in property value citing an estimated 27% of Houston’s commercial gross leasable area to have sustained damage.
This makes Hurricane Harvey one of the costliest U.S. Hurricanes since 1980. While there has been a tremendous amount of support and relief efforts from commendable non-profits and corporations across the globe, these impacted regions will still require additional funding and capital resources to restore these major metropolises to their original state.
Bloomfield Capital has been providing disaster loan assistance through short-term bridge financing for commercial real estates since 2008. As a balance sheet lender, Bloomfield is well positioned to provide capital in disaster-stricken areas where a quick turnaround is essential. Bridge loans fill a much-needed gap for restoration expenses and refinancing for hard-hit assets in Houston, South Florida, and other afflicted areas.
As teams on the ground work to restore infrastructure, housing, and commercial real estate, the Bloomfield Capital team is available to structure unique financings for these increasingly complex situations.
