From the Wires
Bloomfield Capital Closes Senior Bridge Loan on Suburban Office Building
By: PR Newswire
Nov. 27, 2012 05:00 PM
BIRMINGHAM, Mich., Nov. 27, 2012 /PRNewswire/ -- Bloomfield Capital, a specialty finance firm focused on originating and purchasing commercial real estate loans, has announced the closing of a senior bridge loan on a suburban office building located in Royal Oak, MI.
The transaction allowed the borrower to pay off an existing senior loan at a significant discount to par. Bloomfield's loan also cured deferred taxes and will provide the tenant improvement capital necessary to re-lease expected near-term vacancies.
"In today's constrained lending environment, there are few capital providers willing to roll up their sleeves and underwrite deals with multiple moving pieces. These types of transactions require a thorough understanding of the marketplace and the specific asset, and most lenders are not willing to put in the time or effort it takes to get to that point," said Brent Truscott, a principal at Bloomfield Capital. "This office transaction is an instance where cash flows are strong, asset quality is great, and the value proposition is attractive for both the lender and the borrower alike."
Headquartered in Birmingham, Mich., Bloomfield Capital is a direct real estate lender and equity investor meeting the demands of time-sensitive transactions. The firm specializes in 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 investment solutions to each client's 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 firstname.lastname@example.org.
SOURCE Bloomfield Capital
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