Bloomfield Capital Funds $2.5 Million Bridge Loan on Decatur, GA Apartment Community

BIRMINGHAM, Mich., June 25, 2015 /PRNewswire/ -- Bloomfield Capital, a specialty real estate finance firm, has announced the closing of a $2.5 million senior bridge loan to purchase and renovate a 148-unit apartment community located in Decatur, GA.

The project sponsor used Bloomfield's senior bridge loan to purchase the asset and fund a renovation reserve. The 1960's vintage community was put into bankruptcy by the previous owners to avoid losing the property in foreclosure. The protracted process starved the property of capital and delayed previously planned renovations.

"Rapid growth in the Atlanta economy has created a lack of affordable housing options for working class residents," stated Nicholas Coburn, a partner at Bloomfield Capital. "Bloomfield's senior bridge loan will allow this apartment property to quickly outperform the surrounding properties, most of which are currently at 90% occupancy or greater."

Coburn also added, "Discretionary capital and the ability to underwrite loans in-house are what distinguish Bloomfield from the majority of our competitors. Tight closing timelines and transactions in need of stabilization or upgrades have become our specialty."

About Bloomfield Capital
Headquartered in Birmingham, Mich., Bloomfield Capital is a direct real estate lender and equity investor meeting the demands of specialized, time-sensitive transactions. The firm focuses on 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 for each unique situation. With offices in the Detroit and Chicago markets, Bloomfield Capital can be found online at www.bloomfieldcapital.com.

Media Contact:
Mary White
Marketing Coordinator
Bloomfield Capital
248-745-1700
[email protected]

SOURCE Bloomfield Capital

Related Links

http://www.bloomfieldcapital.com

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