SITUATION:
Bloomfield Capital, a national direct lender and equity investor, has announced the closing of a $6.0 million senior bridge loan, secured by a 70,000 SF mixed-use property in Detroit, MI.
Located in the heart of Detroit’s Midtown neighborhood, the property features 70 apartment units, as well as office and retail space that is primarily utilized by the non-profit ownership of the building. The Property has immediate proximity to all popular amenities of the Midtown neighborhood, as well as the Wayne State campus and easy access to major freeways.
The Sponsor acquired the property and several adjacent land parcels nearly 20 years ago and had previously renovated the building for its mission-based housing and healthcare operations.
SOLUTION:
Bloomfield’s bridge loan refinanced several loans that encumbered the Subject Property, provided funds for working capital and an interest reserve. The Sponsor plans to complete the lease-up of a small amount of vacant space, and either refinance Bloomfield’s debt with conventional financing or sell the asset.
“This was Bloomfield’s second loan to this Detroit based non-profit, which had experienced several operational and management issues in the last 12 months,” stated Renee Lewis, Managing Partner at Bloomfield Capital. “We were attracted to the building’s prime location and strong demand for affordable housing in the Midtown neighborhood”, Lewis added.
HOW CAN WE HELP YOU?
When you’re faced with these types of uncommon, urgent-to-close situations that require bridge loans between $2-20 million, there’s no one more experienced to handle them than the team at Bloomfield Capital. In the 11 years we’ve been serving the commercial real estate community, we’ve funded nearly $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
248-745-1700
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
