Bloomfield Capital announced the closing of a $6.0 million senior bridge loan on an industrial warehouse 10 miles SE of Pittsburgh’s central business district and a mixed-use office building in Pittsburgh’s Shadyside neighborhood. Both buildings are primarily occupied by the owner’s import and distribution business.
The Sponsor needed a senior bridge loan to facilitate a discounted payoff on its existing bank loan, which went into default due to the bankruptcy of a major customer in 2019. In recent months, the Sponsor’s business stabilized and started to build a backlog of prospective clients. Bloomfield funded the senior bridge loan simultaneously with a working capital facility from a local bank, which will allow the Sponsor to expand its business and capitalize on a robust pipeline of new clients.
The industrial property is a 120,000 square foot, single-story warehouse located in West Mifflin, about 10 miles SE of the Pittsburgh CBD. The mixed-use building is a 28,000 square foot, two-story commercial asset situated in the North Oakland/Shadyside neighborhood of Pittsburgh about 2.5 miles east of the Pittsburgh CBD. The building contains office, storage and retail space, as well as covered indoor parking.
Brent Truscott, a principal based in Bloomfield’s Birmingham, MI, office, originated and structured the senior bridge loan.
“Bloomfield is bullish on owner-occupied real estate with strong Sponsorship,” Truscott stated. “There was significant value in this real estate portfolio, and we were able to help the Sponsor use that value to facilitate its growing business. Given our experience in the Pittsburgh market, we were able to quickly underwrite and fund this complicated transaction”, he added.
The Sponsor plans on growing the operations of his business during the next 12 months and then refinancing Bloomfield’s senior bridge loan with conventional bank debt.
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
877-690-7111
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
