JACKSON, Miss., March 21, 2016 /PRNewswire/ -- Bloomfield Capital, a national direct lender and specialty real estate finance firm, has announced the closing of a $4.2 million senior bridge loan. The loan proceeds were used to fund the purchase and renovation of a 217-unit apartment complex located in Jackson, MS. Bloomfield's loan provided the sponsor with the capital to purchase the asset at auction. Post-closing, the sponsor will begin renovating the complex, allowing the property to accommodate market demand for additional apartment units.
"This transaction allowed the sponsor to take advantage of a discounted purchase price to stabilize a well-located multifamily asset," stated Jason Jarjosa, a principal at Bloomfield Capital. Jarjosa also added, "Discretionary capital and the ability to underwrite loans in-house are what distinguish Bloomfield from the majority of our peers. Speed of execution and creative financing solutions are still a rare combination in today's commercial real estate debt markets, and Bloomfield continues to capitalize on our ability to deliver both."
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