Bloomfield Capital announces the closing of a $4.5 million senior bridge loan, which provided the capital necessary for the acquisition and delivery of prefabricated steel for the construction of a mixed-use sports complex in greater Detroit, MI. The Sponsor required immediate execution due to an expiring purchase order at attractive pricing for the building materials.
The Sponsors own multiple commercial real estate assets in Metro Detroit, including gym and athletic training facilities. Bloomfield's bridge loan will allow for the Sponsors to continue the expansion of their business and execute their business plan.
"Covid-19-related supply chain issues continue to plague the construction industry," stated Brent Truscott, a Partner at Bloomfield Capital. "If we were not able to meet a tight closing timeline, our Sponsors would have had to wait an additional 18 months to take delivery of their steel building structure at a significant price premium to their pre-existing contract price. As a direct capital provider and balance sheet lender, Bloomfield Capital can provide flexibility and expediency when time is of the essence on unique financing situations," Truscott added.
The Sponsors plan to refinance Bloomfield's bridge loan with a conventional construction loan once the rest of their municipal and development plans and approvals are completed for the site.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, Denver, Chicago, Los Angeles, Portland, and NYC, 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 $3-30 million in the form of bridge loans, mezzanine loans, and preferred equity investments.
For more news and information, or to contact us, please visit www.bloomfieldcapital.com.
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Original Source: Direct Lender Funds Loan on Mixed-Use Sports Complex $4.5 Million Senior Bridge Loan