BIRMINGHAM, Mich., Oct. 10, 2018 (GLOBE NEWSWIRE) -- Bloomfield Capital, a national direct lender and equity investor has announced the closing of a $12.0 million senior bridge loan in Washington State. The loan is secured by a Marriott limited-service hotel.
The hotel was in the middle of construction when the prior lender failed to make timely loan disbursements. Bloomfield provided a new senior bridge loan, recapitalizing the project, addressing existing liens and funding construction and interest reserves.
The Sponsor, an experienced hospitality owner, manager and developer, was able to continue construction due to the expediency and flexibility of Bloomfield’s senior bridge loan. The loan will afford the Sponsor the time needed to complete construction, purchase remaining FF&E, and stabilize the asset before refinancing with a permanent debt facility.
“Bloomfield Capital has a long history in the hospitality space and this transaction builds upon our reputation as a dependable capital source for complex transactions,” stated Renee Lewis, Managing Partner at Bloomfield Capital. “Though there were many title, construction, and partnership considerations related to this loan, Bloomfield was able to underwrite and fund the senior bridge loan in an expedited manner.“
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, New York, Denver, Chicago, and Portland, Bloomfield Capital's team draws from a broad base of commercial real estate and finance experience. The firm provides debt and equity solutions to meet the demands of time sensitive and complex transactions. Bloomfield Capital specializes in small to medium sized financings from $2-20 million in the form of bridge loans, mezzanine loans and preferred equity investments.
Bloomfield Capital Contact:
Brent Truscott
Partner
248-745-1700
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com