Bloomfield Capital, a national direct lender and equity investor, has announced the closing of a $16.0 million senior bridge loan secured by a 180-room hotel and a 500,000 square foot flex industrial building.
The transaction was prompted by the Sponsor’s need to exit a matured senior loan on the hospitality property, which was in the process of undergoing a major renovation. A 500,000 square foot industrial building located in the Midwest also secures Bloomfield’s loan.
The Sponsor is an experienced owner and manager of real estate, with a focus on buying value-add opportunities across the country using conventional bank and CMBS debt. The business plan for these properties aligned with their corporate strategy, but when their prior lender would not extend an existing loan, they chose Bloomfield Capital to bridge an immediate capital need.
“Though many lenders have taken a step back from hospitality lending, we were able to get comfortable with this seasoned owner and operator due to its strong business plan for this well-located asset,” stated Renee Lewis, Managing Partner at Bloomfield Capital. “Additionally, the Sponsor pledged a cash-flowing industrial asset, and Bloomfield was able to structure a release provision on the industrial property so that it could be sold prior to the expiration of Bloomfield’s senior bridge loan”, Lewis added.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, New York, Los Angeles, Denver, Chicago, and Portland, Bloomfield Capital’s team draws from a broad base of commercial real estate and finance experience. The firm provides debt and equity solutions to meet the demands of time-sensitive and complex transactions. Bloomfield Capital specializes in small to medium sized financings from $2-20 million in the form of bridge loans, mezzanine loans and preferred equity investments.
