SITUATION:
An experienced office developer and operator in Baltimore, MD was in need of a fast-moving bridge loan to refinance a maturing bank loan on a well-located office asset in the Central Business District. The property had only partially completed a recent comprehensive renovation plan when the existing senior loan matured. The property required a creative financing solution due to construction delays, and general performance declines during the Covid pandemic.
SOLUTION:
Bloomfield Capital was retained to provide a $13.0 million senior bridge loan to solve the capital need. The loan proceeds were used to facilitate the time-sensitive refinancing and to continue to fund future renovation costs.
The property is located two (2) blocks from the Convention Center and the Inner Harbor as well as being close to state and federal courts. Additionally, various administrative agencies located in downtown Baltimore are within close proximity to the property.
Prior to closing the Bloomfield Capital loan, the Sponsor had already begun marketing and pre-leasing the building, as well as completing the initial phase of the renovation plan. Significant improvements made to the property included street-level facade upgrades, parking garage repairs, mechanical space updates, and a substantial upgrade to the building common areas.
The Sponsor plans to continue improving vacant space and moving in new tenants during the term of the Bloomfield Capital loan, and to exit Bloomfield’s loan with a conventional refinance when it is timely to do so.
HOW CAN WE HELP YOU?
When you’re faced with these types of uncommon, urgent-to-close situations that require debt or equity between $2-20 million, there’s no group more experienced to handle them than the team at Bloomfield Capital.
In the 13 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
