Source: Bloomfield Capital / #RealEstate #Finance
BIRMINGHAM, MI - Bloomfield Capital, a specialty finance firm focused on originating and purchasing commercial real estate loans, has announced the closing of a $3.3 million senior bridge loan on a 240-unit apartment complex located in Houston, TX. The sponsor purchased this asset through a short sale, and Bloomfield structured the senior bridge financing to allow for the acquisition of the property, along with a capital improvement reserve to renovate vacant units.
"This is the type of transaction that Bloomfield is known for: a sub-performing asset in a strong market, purchased by a well-capitalized sponsor in need of a fast closing," stated Jason Jarjosa , a partner at Bloomfield Capital. "We've recently financed over $20 million in apartment renovation purchases in the Houston marketplace. Strong job growth coupled with a limited supply of affordable housing alternatives is driving occupancy and rents on B and C class apartment communities in Houston and throughout Texas."
Bloomfield has been an active lender and equity provider on apartment properties, as well as other asset classes throughout the country.
Headquartered in Birmingham, Mich., Bloomfield Capital is a direct real estate lender and equity investor meeting the demands of time-sensitive transactions. The firm specializes in 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.