SITUATION:
Bloomfield Capital, a national direct lender and equity investor, has announced the closing of a $7.0 million senior bridge loan secured by a 96-unit apartment complex located in Trenton, NJ. Bloomfield’s loan was used to refinance a maturing loan and provide funding for ongoing capital improvement needs at the property.
Located west of Trenton’s central business district, the property is conveniently located near area employment centers and offers immediate access to mass-transit options providing connectivity to other nearby metro areas, including Philadelphia and New York City. During their seven-year ownership period, the Sponsors have addressed numerous deferred maintenance items and under-market rents. Through their efforts, the apartments have been improved, and rents and occupancy have increased.
SOLUTION:
Bloomfield’s senior bridge loan facilitated the timely refinance of the asset, which allowed the Sponsors to execute on a sizable discounted payoff to their previous outstanding loan balance. Bloomfield’s loan will also allow for renovations of the common areas to be completed and provide the time needed to refinance with conventional financing.
“This was a complex transaction with a hard closing deadline,” stated Jason Jarjosa, Managing Partner at Bloomfield Capital. “We worked with the Sponsors to structure a flexible bridge loan for this well-located multifamily property. Given the Sponsors’ track record of renovating and financing nearby assets, we are confident in their ability to complete renovations at the property and refinance with an agency loan”, Jarjosa 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 12 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
