Bloomfield Capital is pleased to announce the closing of an $8.0 million senior bridge loan on a hospitality property located in Pittsburgh, PA. The experienced hospitality Sponsor required a fast-moving bridge loan to acquire the property and complete a Property Improvement Plan (“PIP”) to improve the hotel’s operating performance and extend the term of the brand franchise agreement. The Sponsor will utilize their existing management company and local market knowledge to increase revenue and improve the operating performance of the hotel.
“Bloomfield was able to step in to finance the acquisition of the property and meet a tight closing timeline when the Sponsor’s banking relationships could not act quickly”, stated Jason Jarjosa, Partner at Bloomfield Capital. “Our capital allowed the Sponsor to secure the asset at an attractive price.”
Bloomfield’s loan is expected to be repaid through conventional financing within 12 months.
For more news and information, or to contact us, please visit www.bloomfieldcapital.com.
Bloomfield Capital Contact:
Brent Truscott
Partner
877-690-7111
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
