Direct Lender Closes Loan on Midwest Industrial Complex

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                                                                
[email protected]
www.bloomfieldcapital.com         

SOURCE Bloomfield Capital