SITUATION:
A portfolio of workforce apartment properties in Columbus, OH was in need of a private capital provider to facilitate a partner buyout and to provide the capital necessary to renovate the assets. Due to a fast-moving timeline, bank financing was not available to the experienced ownership group.
SOLUTION:
Bloomfield Capital was retained to provide an $8.5 million senior bridge loan to refinance the properties, fund capital improvements, and execute on a partner buyout.
During its due diligence process, Bloomfield found the suburban Columbus apartment market to have stable fundamentals and continued rent growth, even during the COVID-19 pandemic. Overall market apartment occupancy in Columbus remains over 93%, while average class B and C property market occupancies where these properties are located remain over 95%. Additionally, the investor market for well-located multifamily properties remains strong.
Since closing on the Bloomfield refinancing, the Sponsor has begun interior and exterior unit renovations. Once completed, the sponsor will refinance Bloomfield’s senior bridge loan with conventional agency debt, with the goal of owning and managing the properties indefinitely.
HOW CAN WE HELP YOU?
When you’re faced with these types of uncommon, urgent-to-close situations that require bridge loans or equity investments 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
