BIRMINGHAM, Mich., Dec. 22, 2021 /PRNewswire/ -- Bloomfield Capital
announced the closing of a $6.7
million senior bridge loan on three industrial manufacturing
buildings located in Macomb County,
MI. The buildings are owner-occupied and serve as the
headquarters and manufacturing facilities for the Sponsor's
operating business.
The Sponsor, a Tier-1 automotive supplier, benefitted from the
senior bridge loan that refinanced a performing loan that was in a
covenant default. In recent months, the Sponsor's business
has been catching up from supply chain disruptions caused by the
global covid pandemic. Bloomfield funded its senior bridge
loan simultaneously with the closing of a working capital facility
from a local bank, which will allow the Sponsor to expand its
business and capitalize on a robust pipeline of new clients.
The industrial properties total 225,000 square feet of
single-story manufacturing and warehouse space with a small office
component. The adjacent buildings are located approximately
25 miles northeast of downtown Detroit,
MI.
"We continue to be bullish on manufacturing and industrial space
in the Midwest," stated Jason
Jarjosa, a principal in the Birmingham, MI office of Bloomfield Capital.
"Our ability to work in conjunction with conventional bank lenders
on fast moving and complex deals is often why we're able to win
financing engagements on quality real estate in strong markets such
as this," he added.
The Sponsor plans to refinance Bloomfield's senior bridge loan with
conventional bank debt within the next year.
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,
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.
For more news and information, or to contact us, please visit
www.bloomfieldcapital.com.
Bloomfield Capital
Contact:
Brent Truscott
Partner
248-745-1700
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
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SOURCE Bloomfield Capital