Direct Lender Closes Loan on Denver Mixed-Use Building

$6.5 Million Senior Bridge Loan

DENVER, April 13, 2022 /PRNewswire/ -- Bloomfield Capital announced the closing of a $6.5 million senior bridge loan, which facilitated the acquisition of a landmark 25,000 SF mixed-use property with retail and office space located in Denver, CO. The Sponsors required immediate execution in order to close on the acquisition, under a time-compressed schedule. Bloomfield also provided a reverse 1031 structure, with the proceeds from a future property sale included as part of the collateral for the loan.

The historic mixed-use property is in a dense, fast growing neighborhood of Denver and was acquired vacant by the sponsors. The property benefits from its central location with significant commercial and residential developments in the surrounding area. Bloomfield's senior bridge loan will allow the Sponsors to complete minor renovations of the property. Following the completion of renovations, a tenant well-suited for the mixed-use nature of property will take occupancy.

"We look forward to seeing this property's contribution to the growth of the surrounding neighborhood", stated Brent Truscott, a Partner at Bloomfield Capital. "Our bridge loan allowed this sponsorship group to quickly acquire the property and begin the execution of their business plan, while preserving the 1031 tax benefits of another property which was already under contract for sale", he added.

The Sponsor plans to refinance Bloomfield's bridge loan with a conventional loan in approximately 12 months once interior upgrades are complete and the tenant takes occupancy.

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 $3-30 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                                                                         
877-690-7111                                                    
[email protected]
www.bloomfieldcapital.com        

SOURCE Bloomfield Capital