$ 4.0 Million Senior Bridge Loan – Secured by Miami, FL Industrial Assets
Posted: October 20, 2021 at 9:47 a.m. EDT|Update: 20 minutes ago
MIAMI, 20 October 2021 / PRNewswire / – Bloomfield Capital, a national direct lender and equity investor, announced the closing of a $ 4.0 million senior bridging loan in the Hialeah sub-market of Miami. The loan proceeds were used to refinance a matured bank loan on an industrial warehouse partially occupied by its owner. The senior loan was closed within 10 days of the execution by the sponsor of a term sheet with Bloomfield Capital.
New construction in the Hialeah the industrial submarket is limited and the demand for existing buildings is high.
“Bloomfield The loan funded the capital needed to refinance an existing loan while giving the sponsor the ability to prepay the senior bridging loan in a short period of time, âsaid Brent Truscott, director at Bloomfield Capital. âThe sponsor was very focused on its operational activity and relied on Bloomfield understand and finance this complex transaction. This loan represents our typical bridge capital transaction where immediate action and attention at the principal level are required to execute a single situation in a time-compressed manner, âadded Truscott.
The property is located in the Hialeah industrial submarket of Miami, which consists of 32 million square feet of industrial space currently 95.5% occupied. Given the general lack of vacant land available in the submarket, new construction has been limited in recent years and there is a high demand for existing buildings, such as the property in question.
Sponsor plans to refinance Bloomfield senior bridging loan within 6 months of closing either through the sale of the asset or through 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, the Bloomfield Capital team draws on extensive experience in commercial real estate and finance. The company offers debt and equity solutions to meet complex and urgent transaction demands. Bloomfield Capital specializes in small and medium sized financings of $ 2-20 million in the form of bridging loans, mezzanine loans and investments in preferred shares
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SOURCE Bloomfield Capital
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