BIRMINGHAM, Mich., May 26, 2016 /PRNewswire/ -- Bloomfield Capital, a national direct lender and specialty real estate finance firm, has announced the closing of a $1.3 million senior bridge loan. The loan proceeds were used to fund the refinance and renovation of a two industrial buildings located in Metro Detroit, Michigan. Post-closing, the sponsor will begin renovating both properties, and will demise one of the buildings for multiple users.
"This transaction will enable the sponsor to renovate and stabilize two well-located industrial assets in southeast Michigan," stated Brent Truscott, a principal at Bloomfield Capital. Truscott also added, "The market demand for distribution and light manufacturing space in the Midwest has been extremely strong for the past several years. The sponsor will use Bloomfield's loan for a period of one year, at which point they'll refinance the loan with conventional financing once the assets are fully stabilized."
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