“We look forward to seeing this property’s contribution to the growth of the surrounding neighborhood,” said Brent Truscott, partner at Bloomfield Capital. “Our bridging loan allowed this sponsoring group to quickly acquire the property and begin executing their business plan, while preserving the 1031 tax benefits of another property that was already under contract for sale,” said he added.
The promoter plans to refinance Bloomfield’s bridge loan with a conventional loan in approximately 12 months once interior improvements are complete and tenant takes possession.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices at Detroit, denver, Chicago, Los Angeles, Portland, and NYC, the Bloomfield Capital team draws on a broad base of experience in commercial real estate and finance. The company provides debt and equity solutions to meet the demands of time-sensitive and complex transactions. Bloomfield Capital specializes in small to mid-sized financings $3-30 million in the form of bridge loans, mezzanine loans and investments in preferred shares.
For more news and information, or to contact us, please visit www.bloomfieldcapital.com.
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