BIRMINGHAM, Mich., July 23, 2014 (GLOBE NEWSWIRE) -- Bloomfield Capital, a specialty real estate finance firm, has announced the closing of a $1.8 million senior bridge loan to purchase an office in suburban Chicago, IL.
The project sponsor used Bloomfield's senior bridge loan to purchase the REO office complex from the prior lender.
"This transaction is a great example of an undervalued REO asset with significant potential that was being mismanaged due to bank ownership," stated Brent Truscott, a principal at Bloomfield Capital. "Bloomfield's bridge capital allowed the sponsor to quickly close the transaction and preserve $100,000 in equity that would have otherwise been at risk. Bloomfield's loan also provides for a capital improvement reserve to allow for renovations on vacant space as new leases are signed."
Truscott 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. As a Direct Lender, we are able to quickly evaluate, underwrite, and fund unique opportunities before other lenders are able to gain initial investment committee approval."
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.