Bloomfield Capital, a national direct lender and equity investor has announced the closing of a $3.9 million senior bridge loan in Georgia. The loan is secured by two limited service hotels totaling 197-rooms located northwest of Atlanta.
The loan proceeds were used to acquire the two adjacent properties and fund a capital improvement reserve. Upon acquisition of the assets, the Sponsor, an experienced hospitality owner, manager and developer, immediately commenced a complete renovation of the properties to bring them up to the brand standards required under new franchise agreements. The eighteen-month bridge loan will afford the Sponsor the time needed to renovate, stabilize and ultimately refinance or sell the two assets.
“Given Bloomfield Capital’s long track record in the hospitality industry, the Sponsor was confident in our ability to perform on this transaction”, stated Jason Jarjosa, Managing Partner at Bloomfield Capital. “Due to the quality of our team and principal level attention, Bloomfield was able to execute on a unique situation in a time compressed manner“.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, New York, 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 and preferred or joint venture equity participations.
Bloomfield Capital Contact:
Brent Truscott
Partner
248-745-1700
btruscott@bloomfieldcapital.com
