Bloomfield Capital, a national direct lender and equity investor, has announced the closing of a $4.0 million senior bridge loan in the Hialeah submarket of Miami. The loan proceeds were used to refinance a matured bank loan on a partially owner-occupied industrial warehouse property. The senior loan was closed within 10 days of the sponsor executing a term sheet with Bloomfield Capital.
“Bloomfield’s loan funded the capital necessary to refinance an existing loan while giving the sponsor the flexibility to prepay the senior bridge loan within a short period of time,” stated Brent Truscott, a Principal at Bloomfield Capital. “The sponsor was very focused on their operating business and relied on Bloomfield to understand and fund this complex transaction. This loan represents our typical bridge capital transaction where immediate action and principal-level attention are required to execute on a unique situation in a time-compressed manner,” Truscott added.
The Property is located within the Hialeah Industrial Submarket of Miami, which consists of 32 million square feet of industrial space that is currently 95.5% occupied. Given the general lack of available vacant land in the submarket, new construction has been limited in recent years, and there is high demand for existing buildings, such as the subject property.
The sponsor plans to refinance Bloomfield’s senior bridge loan within 6 months of closing by either selling the asset or refinancing with conventional bank debt.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, New York, Los Angeles, Denver, Chicago, and Portland, 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
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