$6.5 million Senior bridging loan
DENVER, April 13, 2022 /PRNewswire/ — Bloomfield Capital has announced the closing of a $6.5 million senior bridge loan, which facilitated the acquisition of a historic 25,000 square foot mixed-use property with retail and office space located in Denver, Colorado. The limited partners demanded immediate execution in order to complete the acquisition, on a tight schedule. flowery field also provided a reverse 1031 structure, with the proceeds of a future sale of property included as collateral for the loan.
“Bloomfield Capital’s senior bridge loan facilitated the acquisition of the historic mixed-use property.”
The historic mixed-use property sits in a dense and fast-growing neighborhood of denver and was acquired vacant by the sponsors. The property benefits from its central location with major commercial and residential developments in the surrounding area. Bloomfield’s the senior bridge loan will allow sponsors to carry out minor renovations to the property. After the completion of the renovations, a tenant well suited to the mixed-use nature of the property will take possession.
“We look forward to seeing this property’s contribution to the growth of the surrounding neighborhood,” said Brent Truscott, partner at Bloomfield Capital. “Our bridging loan allowed this sponsoring group to quickly acquire the property and begin executing their business plan, while preserving the 1031 tax benefits of another property that was already under contract for sale,” said he added.
The promoter plans to refinance Bloomfield’s bridge loan with a conventional loan in approximately 12 months once interior improvements are complete and tenant takes possession.
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.
For more news and information, or to contact us, please visit www.bloomfieldcapital.com.
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