SITUATION:
A partially owner-occupied industrial building located in the Hialeah submarket of Miami was in need of a new senior bridge loan. An existing loan on the property had matured, and the sponsor was seeking to refinance and take advantage of a discounted payoff opportunity. Due to a fast-moving timeline, bank financing was not available.
SOLUTION:
Bloomfield Capital was retained to provide a $4.0 million senior bridge loan to refinance the property, with the caveat that the financing had to close in 10 days.
The Property is located in the Hialeah Industrial Submarket of Miami, which consists of 32 million square feet of industrial space that is currently 95.5% occupied. Given the general lack of available vacant land in the submarket, new construction has been limited in recent years, and there is high demand for existing buildings, such as the subject property.
Although the investment market for Miami industrial real estate is strong, there is also significant demand for buildings from owner/occupant buyers. Bloomfield was able to identify multiple exit strategies for the loan, even if the partially owner-occupied tenant vacated, as there are numerous users that would seek to purchase or lease the building.
The sponsors will refinance Bloomfield’s senior bridge loan with conventional debt, with the goal of owning and managing the property indefinitely.
HOW CAN WE HELP YOU?
When you’re faced with these types of uncommon, urgent-to-close situations that require bridge loans or equity investments 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
248-745-1700
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
