BIRMINGHAM, Mich., Oct. 29, 2014 (GLOBE NEWSWIRE) -- Bloomfield Capital, a specialty real estate finance firm, has announced the closing of a $10.0 million senior bridge loan to refinance an office complex in suburban Philadelphia, PA.
The project sponsor used Bloomfield's senior bridge loan to facilitate the discounted payoff of two legacy CMBS loans from a special servicer representing the prior lender.
"Though the general real estate lending market has continued to improve from historic lows, there is still limited debt capital available for fast moving and complex discounted payoff opportunities," stated Jason Jarjosa, a principal at Bloomfield Capital. "Bloomfield's bridge capital allowed the sponsor to quickly close the transaction and realize a significant discount to the prior loan balance. Bloomfield's loan also provides for a capital improvement reserve to allow for renovations on vacant space as new leases are signed."
Jarjosa also added, "Since its inception in 2008, Bloomfield Capital has been a dependable provider of bridge capital for commercial real estate transactions across the country. Our discretionary capital and in-house credit committee allows us to move quickly on transactions where timing is the key element to the ultimate success of the project."
Mich-based 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.
Bloomfield Capital has offices in the Detroit and Chicago markets and can be found on the Web at www.bloomfieldcapital.com.
For more information, please contact Jason Jarjosa at (248) 745-1700, or via email at jjarjosa@bloomfieldcapital.com.