The property is exceptionally positioned for leases to state agencies, which are expected to relocate from the central state area to the CBD after from Maryland Downtown revitalization plan 2019 Baltimore. The sponsor expects to intercept some of this matter as the property in question is only two blocks from the Convention Center and Inner Harbor with state and federal courts and various administrative agencies nearby.
“This property needed an urgent financing solution to take advantage of the rental opportunities that now present themselves. The sponsor has shown their commitment to the project and we are delighted to make an already attractive asset even more attractive, ”said the partner and co-manager Jason jarjosa, who is based in Bloomfield’s Birmingham, MI office. “We were delighted to execute this complex loan on an asset so important to Baltimore,” he added.
The sponsor has started to market and pre-lease the building prior to the renovations and plans to welcome new tenants during the term of the Bloomfield Capital loan prior to refinancing with conventional debt.
About Bloomfield Capital
Bloomfield Capital is a nationwide direct lender and equity investor in commercial real estate assets. With offices in Detroit, Denver, Chicago, Los Angeles, Portland, and in New York, the Bloomfield Capital team draws on extensive experience in commercial real estate and finance. The company provides 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