Bloomfield Capital Provides $4.5 Million Senior Bridge Loan Secured by a Multifamily Property in Big Spring, TX

Bloomfield Capital, a national direct lender and equity investor, has announced the closing of a $4.5 million senior bridge loan in Big Spring, TX. The loan is secured by a 100+ unit garden-style apartment complex.

Located approximately forty miles east of Midland, TX, the market is driven by the oil and gas industry and supplemented by diverse, local economic drivers. The sponsor acquired the site with significant deferred maintenance and declining occupancy. The sponsor has worked to double the occupancy over the last year and plans to increase to market occupancy during the term of Bloomfield’s loan.

Bloomfield’s bridge loan refinanced the existing loan and provides capital which will be used to improve the remaining units and stabilize the asset. Upon stabilization, the sponsor plans to refinance Bloomfield’s debt with conventional financing and hold the property.

“This was a complex transaction with a hard deadline and a sizeable construction component,” stated Jason Jarjosa, Managing Partner at Bloomfield Capital. “We were attracted to the property’s leasing trends, the sponsor’s business plan and the tight multifamily market in Midland-Odessa.”

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 small to medium sized financings from $2-20 million in the form of bridge loans, mezzanine loans and preferred equity investments.

Bloomfield Capital Contact:                                       

Brent Truscott

Partner                                                                        

248-745-1700                                                              

btruscott@bloomfieldcapital.com

www.bloomfieldcapital.com

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