Direct Lender Closes on Baltimore, MD, Seaport Office Tower
$13 Million Senior Bridge Loan - Secured by Iconic Building
BALTIMORE, Nov. 9, 2021 /PRNewswire/ -- Bloomfield Capital, a national direct lender and equity investor, has announced the closing of a $13 million senior bridge loan on a signature Class A office building in Baltimore's seaport. The institutionally-backed Sponsor used loan proceeds to refinance a maturing bank loan and provide funds for further lease up at the property.
The 350,000 square-foot asset boasts 13 floors of office space, 450 parking spaces, a fully-renovated lobby, fully-equipped fitness center, bike storage for commuters, and state-of-the-art conference center, reflecting significant investments by the Sponsor in their ongoing efforts to reposition the property. Existing tenants include law firms and tech companies. There are also numerous retail, restaurant, and wellbeing amenities within a 1.5-block radius.
The property is exceptionally positioned for leases to state agencies, which are expected to relocate from the State Center area to the CBD following Maryland's 2019 revitalization plan for downtown Baltimore. The Sponsor expects to intercept some of that business as the subject property is just two blocks from the Convention Center and Inner Harbor with state and federal courts and various administrative agencies in close proximity.
"This property was in need of a time-sensitive financing solution to take advantage of the leasing opportunities now presenting themselves. The Sponsor showed commitment to the project and we're excited to make an already-attractive asset even more enticing," stated Partner and Co-Manager Jason Jarjosa, who is based in Bloomfield's Birmingham, MI, office. "We were pleased to execute this complex loan on such an important asset for Baltimore," he added.
The Sponsor began marketing and pre-leasing the building prior to renovations and plans to welcome new tenants for the duration of the Bloomfield Capital loan before refinancing with conventional debt.
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 $2-20 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.
Bloomfield Capital Contact:
Brent Truscott
Partner
248-745-1700
[email protected]
www.bloomfieldcapital.com
SOURCE Bloomfield Capital
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article