BIRMINGHAM, Mich., April 5, 2016 /PRNewswire/ -- Bloomfield Capital (Birmingham, MI), a national direct lender and specialty real estate finance firm, has announced the closing of an $11.3 million senior bridge loan. The loan proceeds were used to purchase the notes on four (4) limited-service hotels located in the Midwest, Southeast and Northeast.
Bloomfield's Sponsor purchased the hotel notes from a large hedge fund that was in the process of winding down an investment vehicle. Though the underlying assets were not performing to their full potential, they were all poised for significant income upside through proper restructuring, management and marketing.
"This transaction allowed Bloomfield to finance the notes on four well-located, quality assets at a 40% discount to the outstanding debt", stated Nicholas Coburn, a principal at Bloomfield Capital. "As a direct capital provider, Bloomfield was able to structure a transaction on a value-rich opportunity within a condensed, 3-week closing timeline" Coburn added.
About Bloomfield Capital
Bloomfield Capital meets the needs of time-sensitive transactions by specializing in small-medium balance debt origination and acquisition opportunities ($1,000,000 - $15,000,000) with owners, operators and developers throughout the nation.
We offer particular expertise in unconventional financings where industry acumen, local knowledge and attention to special circumstances will result in a substantial financial advantage to the sponsor.
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SOURCE Bloomfield Capital