Bloomfield Capital announces the closing of a $6.0 million senior bridge loan, which provided the capital necessary for the acquisition and renovation of an industrial complex in greater Houston, TX. The Sponsor required immediate execution due to an expiring purchase contract.
The Sponsor, a real estate private equity fund, owns multiple industrial real estate assets in the Houston area, and has completed lease-up strategies on similar properties in the recent past.
“Industrial real estate in Houston has less than a 6.0% vacancy rate, and the subject’s immediate market has less than a 5.0% vacancy rate”, stated Jason Jarjosa, a Partner at Bloomfield Capital. “Newer, well-located assets such as this property are attractive to prospective tenants due to their high ceiling heights, existing overhead cranes, and proximity to the George Bush International Airport”, Jarjosa added.
The Sponsor plans to refinance Bloomfield’s bridge loan with a conventional loan or sell the asset once the property has been fully leased.
HOW CAN WE HELP YOU?
When you are faced with these types of uncommon, urgent-to-close situations that require debt or equity between $3-30 million, there’s no group more experienced to handle them than the team at Bloomfield Capital.
In the 14 years we’ve been serving the commercial real estate community, we’ve funded over $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
877-690-7111
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
