BIRMINGHAM, Mich., February 8, 2022 /PRNewswire/ — Bloomfield Capital has announced the closing of a $4.0 million senior bridge loan on a 100,000 square foot multi-tenant industrial property with significant cold storage space located in Cleveland, Ohio. The sponsor demanded immediate execution due to signed leases with tenants waiting to occupy the post-renovated space.
The mixed-use industrial property is to the northeast Cleveland and has been pre-let at over 90% occupancy with retail and food processing tenants. The building enjoys a central location offering proximity to the city center Cleveland as well as immediate access to major highways. The limited partners have owned the building for several years and Bloomfield’s the senior bridge loan allows them to finalize their interior renovations and upgrades to the property.
“It is increasingly difficult to find affordable flexible spaces for industry, cold storage and food processing,” said Renee Lewisdirector of the Portland, ME Bloomfield Capital office. “Our bridge loan allowed this sponsoring group to quickly renovate the building and execute their business plan when traditional loan sources were unable to meet an accelerated timeline,” he said. she adds.
The promoter plans to refinance Bloomfield’s bridging loan with a conventional loan in 12 months once the interior fittings work has been completed and the remaining tenants have moved into the stabilized building.
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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