BIRMINGHAM, Mich., April 1, 2014 (GLOBE NEWSWIRE) -- Bloomfield Capital, a specialty real estate finance firm, has announced the closing of a $4.7 million senior bridge loan to purchase 2 apartment complexes in Indianapolis, IN.
The project sponsor used Bloomfield's senior bridge loan to purchase the underperforming REO assets from the prior lender. Bloomfield was able to structure an interest reserve and a capital improvement reserve, which will allow the sponsor to renovate vacant units and stabilize the property.
"This sponsor approached Bloomfield prior to submitting a firm bid on the asset," stated Jason Jarjosa, a principal at Bloomfield Capital. "Our bridge loan program allowed the sponsor to place a large non-refundable deposit, with the knowledge that Bloomfield's capital would be ready to close the acquisition in a timely fashion. The transaction structure also provided for an interest reserve to allow all property cash flow to go towards asset renovations during the first 6 months of ownership."
Jarjosa also added, "Since its inception in 2008, Bloomfield Capital has been a dependable provider of bridge capital for commercial real estate transactions across the country. Tight closing timelines and transactions in need of stabilization or lease-up have become our specialty."
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 Jason Jarjosa at (248) 745-1700, or via email at jjarjosa@bloomfieldcapital.com.