Bloomfield Capital closes $2.0 million apartment loan in Montclair, NJ
BIRMINGHAM, Mich., Nov. 5, 2013 /PRNewswire/ -- Bloomfield Capital, a specialty real estate finance firm, has announced the closing of a $2.0 million senior bridge loan to purchase and renovate an apartment complex and 2 multifamily homes in Montclair, NJ.
Bloomfield's loan proceeds allowed the sponsor to quickly refinance the three properties, cure back taxes, and provide cash out for property renovations. The sponsor will renovate several of the apartment units and update the multifamily homes.
This portfolio of assets has been in the sponsor's family for several generations. As ownership and management have changed over the past decade, the properties were not managed in the same fashion as they had been by the original managing members. Bloomfield saw an opportunity to help right size the portfolio's capital structure, while improving the properties and allowing the sponsor sufficient time to procure long-term financing.
"The demand for metro New York City apartment assets continues to increase," stated Brent Truscott, a principal at Bloomfield Capital. "Given that these properties are only a 30-minute ride to New York's Penn Station, their value will only increase as Manhattan apartment rental rates continue to skyrocket."
Headquartered in Birmingham, Mich., Bloomfield Capital is a direct real estate lender and equity investor meeting the demands of specialized, time-sensitive transactions. The firm focuses on small to medium-balance debt opportunities ($1 million to $15 million) and select joint-venture equity participations with owners, operators and developers throughout the nation. Bloomfield Capital offers 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. As a direct investor and lender, Bloomfield is able to create flexible, custom-tailored solutions for each unique situation. With offices in the Detroit and Chicago markets, Bloomfield Capital can be found on the Web at www.bloomfieldcapital.com.
For more information, please contact Brent Truscott at (248) 745-1700, or via email at firstname.lastname@example.org.
SOURCE Bloomfield Capital