Bloomfield Capital funds $1.2 million multifamily loan in less than 2 weeks
BIRMINGHAM, Mich., Jan. 7, 2014 /PRNewswire/ -- Bloomfield Capital, a specialty real estate finance firm, has announced the closing of a $1.2 million senior bridge loan to purchase a bank owned tax-credit property in metro Atlanta, GA.
Bloomfield's loan proceeds allowed the sponsors to purchase the property after they had already put down a significant non-refundable deposit.
"This borrower was faced with a hard closing deadline, and no ability to extend," stated Brent Truscott, a principal at Bloomfield Capital. "Bloomfield's bridge capital allowed the borrower to quickly close the transaction and preserve $250,000 in equity that would have otherwise been at risk. Bloomfield's loan also provided for an interest reserve to allow all property cash flow to go towards stabilizing the property during the first 6 months of ownership."
Brent also added, "Since its inception in 2008, Bloomfield Capital has been a dependable provider of bridge capital for commercial real estate transactions across the country. Tight closing timelines and transactions in need of stabilization or lease-up have become our specialty."
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