BIRMINGHAM, Mich., 22 December 2021 / PRNewswire / – Bloomfield Capital has announced the closing of a $ 6.7 million senior relay loan on three industrial buildings located at Macomb County, Michigan. The buildings are owner-occupied and serve as the head office and manufacturing facilities for Sponsor’s operating activities.
The Sponsor, a level 1 automotive supplier, benefited from the senior bridging loan which refinanced a performing loan in default of a covenant. In recent months, the sponsor’s activities have caught up with supply chain disruptions caused by the global covid pandemic. Bloomfield funded its senior bridging loan concurrently with closing a working capital facility with a local bank, which will allow the sponsor to expand its business and capitalize on a strong pipeline of new clients.
Industrial properties total 225,000 square feet of single-storey manufacturing and warehouse space with a small office component. Adjacent buildings are located approximately 25 miles northeast of downtown Detroit, Michigan.
“We continue to be bullish on the manufacturing and industrial space in the Midwest,” said Jason jarjosa, a director in the Birmingham, Bloomfield Capital MI office. “Our ability to work collaboratively with conventional bank lenders on complex and rapid transactions is often the reason why we are able to secure financing commitments on quality real estate in strong markets like this”, he added.
The Sponsor plans to refinance Bloomfield senior bridging loan with conventional bank debt over the next year.
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.
For more news and information, or to contact us, please visit www.bloomfieldcapital.com.
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SOURCE Bloomfield Capital