Direct Lender Funds Loan on Commercial Property in Pittsburgh, PA
BIRMINGHAM, Mich., May 11, 2023 (Newswire.com) - Bloomfield Capital announces the closing of a $3.6 million senior bridge loan, which was used to refinance a maturing bank loan on a commercial property located in greater Pittsburgh, PA.
The Sponsor, an experienced owner/developer of commercial real estate in Pittsburgh, has owned the property for over a decade. The asset is part of a 300-acre master-planned mixed-use development in a desirable suburb south of downtown Pittsburgh.
"Bloomfield Capital has recently closed several transactions in the Pittsburgh market," stated Jason Jarjosa, a Managing Partner at Bloomfield Capital. "We believe that the strong market fundamentals of the Pittsburgh MSA will continue to drive growth in the retail and residential segments, which this project will benefit from," Jarjosa added.
The Sponsor plans to refinance Bloomfield's bridge loan with permanent financing in the next 12 months.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, Denver, Chicago, Portland, and NYC, Bloomfield Capital's team draws from a broad base of commercial real estate and finance experience. The firm provides debt and equity solutions to meet the demands of time-sensitive and complex transactions. Bloomfield Capital specializes in small- to medium-sized financings from $3-30 million in the form of bridge loans, mezzanine loans, and preferred equity investments.
Source: Bloomfield Capital
