Bloomfield Capital, a national direct lender and specialty real estate finance firm, announced the closing of an $8.5 million senior bridge loan secured by a multi-tenant medical office building located in northern New Jersey.
The loan proceeds were used to refinance maturing debt and fund reserves for tenant improvements, building upgrades, and carry costs. The Sponsor is repositioning the property from traditional office use to medical office.
The property is strategically located along a major corridor west of Manhattan with proximity to several hospitals and other medical networks. The surrounding submarket has outperformed the broader market with below-average vacancy and no new construction in the pipeline.
“This transaction illustrates Bloomfield Capital’s ability to structure creative financing solutions for sponsors navigating complex lease-up and repositioning strategies,” said Brent Truscott, Partner at Bloomfield Capital. “The conversion to medical office use in a supply-constrained, high-income suburban market positions this asset for long-term value creation.”
Bloomfield’s loan is expected to be repaid through a sale of the property upon stabilization in 12-18 months.
Bloomfield Capital Contact:
Brent Truscott
Partner
877-690-7111
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit and in New York, 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 $3-30 million bridge loans, note financings and direct note acquisitions.
For more news and information, or to contact us, please visit www.bloomfieldcapital.com.
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