BIRMINGHAM, Mich., Sept. 3, 2014 (GLOBE NEWSWIRE) -- Bloomfield Capital, a specialty real estate finance firm, has announced the closing of a $1.8 million senior bridge loan to purchase an apartment complex located in Atlanta, GA.
The project sponsor used Bloomfield's senior bridge loan to purchase the former Low Income Housing Tax Credit ("LIHTC") asset from the prior lender. Though the asset was stabilized at 90% occupancy, rents lagged behind those of competitive properties.
"This is one of several assets that the sponsor group has purchased using Bloomfield's bridge loan program," stated Brent Truscott, a principal at Bloomfield Capital. "Repeat borrowers are not uncommon for Bloomfield, and we seek win-win transactions that create value for all parties involved."
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 lease-up have become our specialty."
Birmingham, MI, 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 solutions for each unique situation. With offices in the Detroit and Chicago markets, Bloomfield Capital can be found on the Web at www.bloomfieldcapital.com.
For more information, please contact Brent Truscott at (248) 745-1700, or via email at btruscott@bloomfieldcapital.com.