Bloomfield Capital is pleased to announce the closing of a $17.0 million senior bridge loan on a portfolio of 3 hotels in New York. The notes were sold by a prior lender during Covid and because of recent renovations, the assets did not have the financial seasoning required to obtain conventional financing.
The Sponsor, an experienced hospitality owner and operator, had purchased the assets over 10 years ago and has successfully operated them since then.
“Bloomfield Capital has been active in the hospitality market for over a decade. We continue to see opportunities where we can assist strong Sponsors to work through transitional periods in their portfolios”, stated Brent Truscott, a partner at Bloomfield Capital.
The Sponsor plans to refinance Bloomfield’s bridge loan with conventional financing in the next 12-18 months.
For more news and information, or to contact us, please visit www.bloomfieldcapital.com.
Bloomfield Capital Contact:
Brent Truscott
Partner
877-690-7111
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, Denver, Chicago, Portland, and NYC, 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 $3-30 million in the form of bridge loans, mezzanine loans, and preferred equity investments.
