Bloomfield Capital, a national direct lender and equity investor, has announced the closing of a $2.5 million senior bridge loan in Metro Detroit, MI, secured by an 80,000 SF suburban office building. Bloomfield’s loan will be used to purchase the asset and fund the necessary capital improvements to improve and stabilize the building.
Located in the Southfield office submarket, the renovated property will offer ample parking and affordable office space for those tenants who wish to be in suburban Oakland County, MI. The property is located near several major thoroughfares and is proximate to major employment centers, downtown Detroit, and the Detroit Metropolitan Airport.
The Sponsor is an experienced local owner and manager. Since 2010, the Sponsor has acquired, renovated, and stabilized over a half-dozen similar buildings in the immediate area. The ultimate businesses plan for the asset is to complete the renovation of the building and refinance Bloomfield’s debt with conventional financing.
“We are always excited about value-add opportunities in markets with strong occupancy, and this property is a perfect example of that,” stated Jason Jarjosa, Managing Partner at Bloomfield Capital. “Given that we are local to this market and have financed several similar buildings, it was straightforward for us to get comfortable with this experienced sponsor and this well-located asset”, Jarjosa 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 $2-20 million bridge loans, note financing and direct note acquisitions.
Bloomfield Capital Contact:
Brent Truscott
Partner
248-745-1700
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
