Bloomfield Capital closes $2,500,000 hospitality bridge loan
BIRMINGHAM, Mich., Jan. 22, 2013 /PRNewswire/ -- Bloomfield Capital, a specialty finance firm focused on originating and purchasing commercial real estate loans, has announced the closing of a $2,500,000 senior bridge loan on an 80-room, nationally branded hotel in the Philadelphia MSA. The sponsor was able to negotiate a discounted payoff with its prior lender on the recently constructed hotel.
"Hospitality assets are the first to fall during an economic downturn, and the first to return when general economic conditions improve," stated Brent Truscott, a Principal at Bloomfield Capital. "Therefore, during initial periods of economic growth, many existing lenders are looking at weaker legacy financials from one to two years prior when conducting valuations on their loan portfolios. This backward-looking valuation analysis can create discounted payoff situations for sponsors whose assets are actually performing quite well today. Bloomfield is always looking for these types of value plays and can quickly help a sponsor capitalize on reducing a legacy debt burden."
Bloomfield has been an active lender in hospitality sector and prefers assets with strong management and improving financial condition.
Headquartered in Birmingham, Mich., Bloomfield Capital is a direct real estate lender and equity investor meeting the demands of time-sensitive transactions. The firm specializes in 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 investment solutions to 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 email@example.com.
SOURCE Bloomfield Capital