Bloomfield Capital, a national direct lender and equity investor, has announced the closing of a $5.3 million senior bridge loan in Brooklyn, NY. The loan is secured by an assemblage of three land parcels.
Located in the Prospect Heights section of Brooklyn, the site is situated within close proximity to significant recent and ongoing developments including the Barclays Center and Pacific Park. The property was recently rezoned from a manufacturing designation to residential zoning allowing for the development of 32 units. The Sponsor plans to lease the property while finalizing the development plans.
The Sponsor, a repeat Bloomfield client, is an experienced local developer who has made significant investments in Brooklyn over the last decade. The Sponsor plans to use the loan proceeds to acquire a nearby property and expects to refinance Bloomfield’s loan with a construction loan.
“Bloomfield Capital was attracted to this opportunity as it is one of the last available parcels for development in this submarket and is under the control of a proven, local developer,” stated Renee Lewis, Managing Partner at Bloomfield Capital. “This deal expands our strong relationship with the Sponsor and allows him to recapture equity which he used to expand his presence in the Brooklyn market while finalizing development plans at this site.”
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
