BIRMINGHAM, Mich., March 6, 2014 (GLOBE NEWSWIRE) -- Bloomfield Capital, a specialty real estate finance firm, has announced the closing of a senior bridge loan on a portfolio of well-located Midwest rental properties. The sponsor had accumulated the portfolio of properties over the last 2 decades using various financing sources.
Bloomfield's loan proceeds allowed the sponsor to refinance the portfolio and prepare the assets for sale.
"This sponsor needed a dependable bridge capital source to consolidate his existing debt, and allow for release prices on individual assets during the term of the new loan," stated Brent Truscott, a principal at Bloomfield Capital. "Bloomfield's bridge capital allowed the borrower to quickly close the transaction when the prior lending group was not interested in extending the loan past its maturity."
Brent also added, "Since its inception, Bloomfield Capital has been a dependable provider of bridge capital for commercial real estate transactions across the country. Bloomfield Capital continues to structure flexible bridge loans that are custom fit for each specific sponsor's needs."
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 btruscott@bloomfieldcapital.com.