BIRMINGHAM, Mich., December 22, 2021 /PRNewswire/ — Bloomfield Capital has announced the closing of a $6.7 million senior bridge loan on three manufacturing industrial buildings located in Macomb County, MI. The buildings are owner-occupied and serve as headquarters and manufacturing facilities for the operations of the Sponsor.
The Promoter, a tier 1 automotive supplier, benefited from the senior bridging loan which refinanced a sound loan in default of covenant. In recent months, the sponsor’s business has caught up with supply chain disruptions caused by the global covid pandemic. Bloomfield funded its senior bridge loan alongside the closing of a working capital facility from a local bank, which will allow the sponsor to expand its business and capitalize on a strong pipeline of new clients.
The industrial properties total 225,000 square feet of single-story manufacturing and warehouse space with a small office component. Adjacent buildings are located approximately 25 miles northeast of downtown Detroit, MI.
“We continue to be optimistic about the manufacturing and industrial space in the Midwest,” said Jason Jarjosadirector of the birmingham, Bloomfield Capital’s MI office. “Our ability to work with conventional bank lenders on fast and complex transactions is often the reason we are able to win financing commitments on quality real estate in strong markets like this,” he added.
The promoter plans to refinance Bloomfield’s senior bridge loan with conventional bank debt over the next year.
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 $2-20 million in the form of bridge loans, mezzanine loans and investments in preferred shares.
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