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NASHVILLE, Tenn., July 28, 2017 -- Bloomfield Capital, a national direct lender and equity provider, has announced the closing of a $3.2 million senior bridge loan. The loan proceeds were used to refinance and complete renovations on a 30,000 SF retail center located in greater Nashville, TN. According to estimates from the U.S. Census Bureau, the population in Nashville grew by an average of 100 people per day in 2016, creating a strong demand for new retail development.
The sponsor, a local real estate development firm, purchased the former single-tenant asset as REO from a bank and converted it to a multi-tenant retail property. Bloomfield’s loan proceeds refinanced a prior lender and provided the tenant improvement dollars necessary to finish the interior build-out. Multiple tenants have already signed leases on the space and are waiting to occupy the well-located retail asset.
“Bloomfield’s loan will fund the capital necessary to complete renovations at the property and bring it to full occupancy,” stated Dennis Onabajo, a Vice President at Bloomfield Capital. Onabajo also added, “Our flexible bridge capital allowed for a generous tenant improvement package at the property, which has attracted strong local and regional tenants. After a short seasoning period, the sponsor plans to refinance our loan with conventional bank debt and hold the asset on its balance sheet for the foreseeable future.”
Since 2008, Bloomfield Capital has funded debt and equity investments in expanding MSAs including Nashville, Denver, Atlanta, and Houston. As a direct lender and investor, the firm has the ability to fund unique deals with urgent closing timelines.
About Bloomfield Capital
Bloomfield Capital is a private equity fund manager and a nationwide direct lender and equity provider for commercial real estate transactions. The firm focuses on originating and purchasing commercial real estate loans as well as investing in other real estate related opportunities.
Bloomfield Capital meets the needs of time-sensitive transactions by specializing in small-medium balance debt opportunities ($1,000,000 - $15,000,000) and select joint venture equity participations with owners, operators and developers throughout the nation. We specialize in unconventional financings where expertise, local knowledge and attention to special circumstances will result in a substantial financial advantage to the project team.
Bloomfield Capital Contact: Alaina Korreck Marketing Director 248-745-1700 [email protected]
