Bloomfield Capital closes $4.0 million apartment bridge loan in Oklahoma City, OK
BIRMINGHAM, Mich., June 6, 2013 /PRNewswire/ -- Bloomfield Capital, a specialty real estate finance firm, has announced the closing of a $4.0 million senior bridge loan to refinance and renovate a 200-unit apartment complex located in Oklahoma City, Oklahoma.
The sponsor had recently purchased the 1970's vintage garden-style apartment complex and sought to improve the property by renovating unit interiors and putting new roofs and siding on the entire complex. Bloomfield's loan allowed the sponsor to quickly refinance a prior loan and immediately start renovations on the property. The transaction was unique due to a complex land use restriction and the extensive renovation budget, which was included in the loan proceeds.
"Bloomfield Capital's ability to due diligence and fund this transaction in under 30 days allowed the sponsor to immediately commence construction renovations," stated Brent Truscott, a principal at Bloomfield Capital. "The demand for this type of housing product is very robust, and the sponsor has a waiting list of tenants ready to move into the refurbished units."
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 investment 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