SITUATION:
Three owner-occupied industrial properties in the Houston area were in need of a new senior bridge loan. An existing loan on the assets had matured, and the sponsor required immediate execution. Due to a fast-moving timeline, conventional bank financing was not available.
SOLUTION:
Bloomfield Capital was retained to provide a $16.0 million senior bridge loan, with proceeds facilitating the refinance of the three assets.
The largest asset in the portfolio is situated in an irreplaceable location along the Houston Ship Channel and includes desirable features such as access by truck, rail, and barge, which allows for a multitude of industrial and commercial uses. The Houston Ship Channel, which is the largest petrochemical complex in the Western Hemisphere, has seen booming commodity production in recent years. The asset also benefits from immediate proximity to Interstate 10 and Interstate 610.
“Due to business disruptions and other Covid related issues, numerous lenders have decided not to renew long-standing lending relationships on owner-occupied real estate” stated Jason Jarjosa, Managing Partner of Bloomfield Capital. “Bloomfield Capital takes the time to understand not only our real estate collateral but also the businesses that our Sponsors own and operate. Because of our ability to underwrite in this manner, we can often close a transaction before a traditional lender can provide initial deal terms”.
As the Sponsor’s operating business recovers from Covid related delays, the Sponsor expects to refinance Bloomfield’s senior loan with conventional debt in the next 12 months.
HOW CAN WE HELP YOU?
When you are faced with these types of uncommon, urgent-to-close situations that require debt or equity between $2-20 million, there’s no group more experienced to handle them than the team at Bloomfield Capital.
In the 13 years we’ve been serving the commercial real estate community, we’ve funded nearly $1 billion of these types of complex, time-constrained capital requests. With us, you can have complete confidence that your important project is in experienced, tactical and confident hands.
Bloomfield Capital Contact:
Brent Truscott
Partner
877-690-7111
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
