Bloomfield Capital Funds $5.1 Million Bridge Loan on Grand Rapids Office Building

BIRMINGHAM, Mich., April 8, 2015 /PRNewswire/ -- Bloomfield Capital, a specialty real estate finance firm, has announced the closing of a $5.1 million senior bridge loan to purchase and renovate a 70,000 sq. ft. office building in Grand Rapids, MI.

The project sponsor used Bloomfield's senior bridge loan to purchase the asset and fund a renovation reserve. The 1980's vintage building had dated common areas that needed capital. Like many in the suburban Grand Rapids office market, the previous owner was faced with either investing additional renovation capital to attract top-tier tenants or discounting rents to maintain occupancy. The owner decided to sell the property instead.

"Before closing, the borrower had already been in contact with almost all of the tenants in the building, who were obviously excited about the upgrades to the property. Many were quick to offer extensions to their existing leases and some actually took more space," stated Brent Truscott, a principal at Bloomfield Capital.  Truscott also added, "Discretionary capital and the ability to underwrite loans in-house are what distinguish Bloomfield from the majority of our peers.  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

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED