$13.0 million Senior bridging loan
BIRMINGHAM, Mich., August 3, 2022 /PRNewswire/ — Bloomfield Capital Announces the Closing of a $13.0 million senior bridge loan, which provided the capital for the acquisition of two adjacent industrial buildings totaling 230,000 square feet in a larger Indianapolis, IN. The limited partner demanded immediate execution due to the expiration of a purchase option, which allowed him to acquire the property and accommodate his rapidly growing business.
The sponsor’s business has operated out of a portion of the building for the past several years and has recently expanded to occupy the entire property. Bloomfield’s The bridge loan will allow the sponsor to continue to expand their business and execute their business plan.
“As capital markets continued to tighten, we faced more owner-occupied properties that needed senior bridge capital,” said Brent Truscott, partner at Bloomfield Capital. “Sellers are always demanding quick closings, and banks and insurance company lenders are generally unable to accept expedited closings, especially if the property’s underlying tenant is in expansion mode and is unable to demonstrate multiple years of consistent cash flow. A capital provider and balance sheet lender, Bloomfield Capital can offer flexibility and speed when time is of the essence,” Truscott added.
flowery field was able to quickly buy into the Sponsor’s business and understand the local industrial market more broadly Indianapolis. The promoter plans to refinance Bloomfield’s bridge loan with an SBA loan when stabilizing their business operations.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices at Detroit, denver, Chicago, Los Angeles, Portland, and NYC, the Bloomfield Capital team draws on a broad base of experience in commercial real estate and finance. The company provides debt and equity solutions to meet the demands of time-sensitive and complex transactions. Bloomfield Capital specializes in small to mid-sized financings $3-30 million in the form of bridge loans, mezzanine loans and investments in preferred shares.
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