BIRMINGHAM, Mich., Aug. 16, 2016 (GLOBE NEWSWIRE) -- Bloomfield Capital, a national direct lender and specialty real estate finance firm, has announced the closing of a $2.4 million senior bridge loan. The loan proceeds were used to acquire and renovate a 118-unit apartment property located in Decatur, Georgia.
“Bloomfield’s funds allowed the Sponsor to acquire an off-market property that had an immediate closing deadline,” stated Brent Truscott, a principal at Bloomfield Capital. “The senior bridge loan also provided the capital necessary to renovate the property, which will allow it to become competitive with nearby apartment complexes in terms of rental rates and interior finishes.”
As a direct lender, Bloomfield was able to structure, underwrite, and fund this transaction in less than 30 days. Truscott also added, “Value-add multifamily opportunities are becoming harder to find, and Bloomfield’s platform allows our borrowers to meet quick closing timelines. Our bridge capital is often the winning differentiator for buyers on fast moving commercial real estate acquisitions.”
About Bloomfield Capital
Bloomfield Capital is a private equity fund manager and a nationwide direct lender for commercial real estate transactions. The firm focuses on originating and purchasing commercial real estate loans as well as investing in other real estate related opportunities.
Bloomfield Capital meets the needs of time-sensitive transactions by specializing in small-medium balance debt opportunities ($1,000,000 - $15,000,000) and select joint venture equity participations with owners, operators and developers throughout the nation. We specialize in unconventional financings where expertise, local knowledge and attention to special circumstances will result in a substantial financial advantage to the project team.
Bloomfield Capital Contact: Erin Bourdic Senior Marketing Coordinator 248-745-1700 firstname.lastname@example.org