BIRMINGHAM, Mich., July 27, 2016 (GLOBE NEWSWIRE) -- Bloomfield Capital, a national direct lender and specialty real estate finance firm, has announced the closing of a $5.4 million senior bridge loan. The loan proceeds were used to refinance the existing debt on an industrial property located in northwest Mississippi and to acquire and redevelop an additional industrial property located in Lansing, Michigan.
“Bloomfield’s funds will allow the Sponsor to refinance, acquire and redevelop two (2) well-located assets in strong industrial submarkets”, stated Brent Truscott, a principal at Bloomfield Capital. “The bridge loan will provide additional capital for immediate tenant improvements, which will allow several tenants to move into one of the facilities within the first three months of the loan.”
Truscott also added “We have recently closed several bridge loans on value-add industrial and warehouse space in the Midwest and the South. As the economy has recovered, our borrowers are taking advantage of tightening markets where existing industrial assets can be renovated and repositioned at a fraction of the time and cost that it would require for new construction.”
About Bloomfield Capital
Bloomfield Capital meets the needs of time-sensitive transactions by specializing in small-medium balance debt origination and acquisition opportunities ($1,000,000 - $15,000,000) with owners, operators and developers throughout the nation.
We offer 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.
Bloomfield Capital Contact: Erin Bourdic Senior Marketing Coordinator 248-745-1700 firstname.lastname@example.org