BIRMINGHAM, Mich., Jan. 22, 2015 /PRNewswire/ -- Bloomfield Capital has announced the closing of a $10.6 million senior bridge loan to refinance an office complex located in downtown Cleveland, OH.
"This is one of three transactions that Bloomfield completed in Cleveland in the latter half of 2014," stated Brent Truscott, a principal of Bloomfield Capital. "Bloomfield was able to quickly fund the bridge loan after another lender walked away from their loan commitment unexpectedly, and left the sponsor at the closing table."
Bloomfield's bridge capital allowed the sponsor to refinance the asset and realize a significant discount to the prior loan balance. Bloomfield's senior bridge loan also provided for a capital improvement reserve to allow for renovations on vacant space as new leases are signed.
About Bloomfield Capital
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 online at www.bloomfieldcapital.com.
SOURCE Bloomfield Capital