Direct Lender Fund Loan for Multipurpose Sports Complex $4.5 Million Senior Bridge Loan

DETROIT, Nov. 09, 2022 (GLOBE NEWSWIRE) — Bloomfield Capital has announced the closing of a $4.5 million senior bridge loan. Detroit, Michigan. The sponsor demanded immediate execution as the purchase order with an attractive price for building materials had expired.

Sponsor owns multiple commercial real estate assets in Metro Detroit, including gyms and athletic training facilities. Bloomfield’s bridge loan will allow the sponsor to continue expanding its business and execute its business plan.

“Covid-19-related supply chain issues continue to plague the construction industry,” said Bloomfield Capital partner Brent Truscott. would have had to wait another 18 months for the steel building structure to be handed over, with a significant premium to the existing contract price. Capital can offer flexibility and convenience when time is of the essence in your unique funding situation,” added Truscott.

The sponsor plans to refinance Bloomfield’s bridge loan with a traditional construction loan. This is when the rest of the local government and development plans and site approvals are complete.

About Bloomfield Capital

Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, Denver, Chicago, Los Angeles, Portland and NYC, the Bloomfield Capital team brings extensive experience in commercial real estate and finance. The firm offers debt and equity solutions to meet the demands of time-sensitive and complex trading. Bloomfield Capital specializes in small to mid-sized financings of $3 million to $30 million in the form of bridge loans, mezzanine loans, and preferred equity investments.

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Brent Truscott

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