BIRMINGHAM, MI — Bloomfield Capital, a national direct lender and specialty real estate finance firm, has closed a $4.7 million senior bridge loan to finance the acquisition of a senior living community in Knoxville, Tennessee.
The Sponsor is a New England-based real estate investment firm that owns more than 1,800 units of senior living and multifamily housing. The firm acquires and repositions underperforming senior living communities through occupancy growth and operational improvements. The property was purchased from a lender-controlled owner that had taken title through foreclosure, and will be operated by the Sponsor’s longstanding operating partner.
Bloomfield’s loan gave the Sponsor the capital to close on the seller’s expedited timeline, along with working capital to fund the operational turnaround.
“Our experience and reputation in the senior living market create a win-win for our Sponsors and their operating partners,” stated Jason Jarjosa, a Partner at Bloomfield Capital. “This is our third transaction with this Sponsor, and an attractive cost basis paired with an operator with a demonstrated turnaround record allowed us to execute on a compressed timeline.”
The Sponsor plans to refinance Bloomfield’s bridge loan with permanent financing once occupancy and cash flow stabilize.
Bloomfield Capital Contact:
Brent Truscott
Partner
877-690-7111
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit and in New York, 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 $3-30 million bridge loans, note financings and direct note acquisitions.
For more news and information, or to contact us, please visit www.bloomfieldcapital.com.
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