BIRMINGHAM, Mich., Jan. 18, 2023 (GLOBE NEWSWIRE) -- Bloomfield Capital announces the closing of a $4.0 million senior bridge loan, which provided the capital necessary for the acquisition and renovation of a limited-service hotel in greater Pittsburgh, Pennsylvania. The asset was purchased via auction and required a responsive lending team to meet the tight closing deadline.
The Sponsor, a seasoned hotel owner and operator, has completed hospitality renovation strategies on similar properties in the recent past. Upon acquisition of the property, the Sponsor will convert the property to a Wyndham flag under a new 20-year franchise agreement.
"Since the end of the Covid-19 pandemic, the hospitality market in greater Pittsburgh has rebounded back to 2019 levels of RevPAR," stated Brent Truscott, a Partner at Bloomfield Capital. "Newly renovated, well-located assets such as this property are attractive to guests because of the proximity to downtown Pittsburgh, the airport, and the numerous office and business parks located throughout the area," Truscott added.
The Sponsor plans to ultimately sell the asset once the property has been fully stabilized with an operating history under the new Wyndham flag.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, Denver, Chicago, Los Angeles, 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.
For more news and information, or to contact us, please visit www.bloomfieldcapital.com.
Contact Information:
Brent Truscott
Partner
btruscott@bloomfieldcapital.com
877-690-7111
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