SITUATION:
An experienced sponsorship group planned to acquire a historic 25,000 SF mixed-use property with retail and office space located in Denver, CO. The sponsors required immediate execution and a lender that would allow for a reverse 1031 exchange structure.
SOLUTION:
Bloomfield Capital was retained to provide a $6.5 million senior bridge loan on the property, with proceeds facilitating the acquisition and renovation of the property. Bloomfield also provided a reverse 1031 structure, with the proceeds from a future property sale included as part of the collateral for the loan.
The landmark mixed-use property is in a strong, fast-growing neighborhood of Denver and was acquired vacant by the sponsors. The property benefits from its central location with significant commercial and residential development in the surrounding area. The sponsors acquired the property at closing, and Bloomfield’s senior bridge loan will allow the sponsors to complete light renovations of the property. Following the completion of renovations, a tenant well-suited for the unique property will take occupancy.
Bloomfield was able to gain comfort in the sponsor’s proposed tenancy for the property and quickly close this transaction. The Sponsor plans to refinance Bloomfield’s bridge loan with a conventional loan in 12 months once interior upgrades are complete and the tenant takes occupancy of the property.
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
248-745-1700
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
