SITUATION:
Bloomfield Capital, a national direct lender and equity investor, has announced the closing of a $2.7 million senior bridge loan in Los Angeles, CA. The loan is secured by a 5,500 SF building that is being renovated and repurposed into modern creative office space. Bloomfield’s loan will be used to refinance the existing loan, and to fund the necessary capital improvements to complete the project.
Located in the Silver Lake creative office submarket, the renovated property will offer high-end creative office space plus an outdoor workspace that should be a very attractive offering for local technology and media tenants. The Silver Lake area has a limited supply of similar private, “small box” creative office spaces, which are in high demand given the proximity to the new influx of large-footprint entertainment companies (anchored by Netflix) which occupy over 3 million SF of office space immediately west of the Property.
SOLUTION:
The Sponsor acquired the building nearly 2 years ago, and has spent the last 18 months navigating the complex entitlement and planning process. The Sponsor has now obtained the necessary approvals to commence construction, which gave rise to Bloomfield’s investment in the asset. Once the property improvements are completed and the asset has been leased, the Sponsor plans to refinance Bloomfield’s debt with conventional financing.
“We were excited about this opportunity because of the asset’s stellar location and the experience of our LA-based sponsor,” stated Renee Lewis, Managing Partner at Bloomfield Capital. “We were able to leverage our local market knowledge and expertise to quickly structure and fund this senior bridge loan”, Lewis added.
HOW CAN WE HELP YOU?
When you’re faced with these types of uncommon, urgent-to-close situations that require bridge loans between $2-20 million, there’s no one more experienced to handle them than the team at Bloomfield Capital. In the 12 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
