Bloomfield Capital Provides $6.0 Million Bridge Loan Secured by a Self-Storage Facility in greater Salt Lake City, UT
Bloomfield Capital, a national direct lender and equity investor has announced the closing of a $6.0 million senior bridge loan in Utah. The loan is secured by a newly constructed self-storage facility.
The property was recently granted a certificate of occupancy and was in lease-up when the Sponsor approached Bloomfield. A prior loan had matured and several silent partners were seeking to recapitalize their investment in the asset.
Bloomfield’s senior bridge loan allowed the Sponsor to not only refinance the asset and buy out limited partners, but it also allowed him to meet a strict 1031 exchange deadline and preserve significant tax benefits.
“Bloomfield Capital continues to see opportunities where newly built assets are in need of an additional 12-18 months of lease-up and stabilization prior to seeking conventional debt financing”, stated Jason Jarjosa, Managing Partner at Bloomfield Capital. “Though bank and securitized lenders have been aggressive in the self-storage space, few of them are able to meet the time-sensitive closings that Bloomfield is able to facilitate”.
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.
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