Direct Lender Funds $5.1 Million Senior Bridge Loan
Bloomfield Capital's senior bridge loan was used to refinance two industrial buildings located in Texas and Michigan.
BIRMINGHAM, Mich., June 21, 2023 (Newswire.com) - Bloomfield Capital announces the closing of a $5.1 million senior bridge loan, which was used to refinance two industrial manufacturing buildings located in Houston, TX, and Metro Detroit, MI.
The Sponsor, an experienced commercial real estate operator, needed to refinance the owner-occupied real estate and better position the specialty manufacturing companies for sale. Bloomfield was able to provide a flexible senior bridge loan to refinance a maturing bank loan and fund a partial interest reserve and capital improvements to the properties.
"We have funded millions of square feet of industrial and manufacturing properties like these throughout the Country," stated Brent Truscott, a Partner at Bloomfield Capital. "We believe that continued onshoring of specialty manufacturing will continue to drive demand for well-located assets serving the market segment, which these properties will benefit from," Truscott added.
The Sponsor plans to execute long-term leases with the tenants at the properties and refinance the Bloomfield loan with traditional bank debt.
Source: Bloomfield Capital
