Bloomfield Capital announced the closing of a $4.0 million senior bridge loan on a 100,000 SF multi-tenant industrial property with significant cold storage space located in Cleveland, OH. The sponsor required immediate execution due to signed leases with tenants waiting to occupy the post-renovated space.
The mixed-use industrial property is in northeast Cleveland and was pre-leased to over 90% occupancy with retail and food processing tenants. The building benefits from a central location providing proximity to downtown Cleveland as well as immediate access to major highways. The Sponsors have owned the building for several years, and Bloomfield’s senior bridge loan allows them to finalize their interior renovations and upgrades to the property.
“Affordable flex industrial, cold storage and food processing space is becoming harder and harder to come by”, stated Renee Lewis, a principal in the Portland, ME office of Bloomfield Capital. “Our bridge loan allowed this sponsorship group to quickly renovate the building and execute on their business plan when traditional lending sources were not able to meet an expedited deadline ”, she added.
The Sponsor plans to refinance Bloomfield’s bridge loan with a conventional loan in 12 months once interior upgrades are complete and the remaining tenants have moved into the stabilized building.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, Denver, Chicago, Los Angeles, 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.
For more news and information, or to contact us, please visit www.bloomfieldcapital.com.
Bloomfield Capital Contact:
Brent Truscott
Partner
248-745-1700
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
