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BIRMINGHAM, Mich., Oct. 07, 2019 (GLOBE NEWSWIRE) -- Bloomfield Capital, a national direct lender and equity investor, has announced the closing of a $13.2 million senior bridge loan on a multi-tenant retail center in Huntington Beach, CA.
The Property is located on a signalized corner along the Pacific Coast Highway, providing thoroughfare access from Los Angeles, Orange County and the Inland Empire – with an average daily traffic count of over 74,000 vehicles. The restaurants and storefronts are a popular destination for locals and visitors and are the closest walkable venue for the nearby Huntington Harbor communities, marina and public beach park.
Bloomfield’s bridge loan will fund the remaining portion of a full property renovation, finance leasing commissions, and retire the current debt.
The Sponsors have owned the property for over a decade and have built relationships with local businesses and the community. The tenancy has been fully upgraded in the past three years, and the property common areas improved.
“This transaction required an understanding of both the sponsor’s investment in the property, and its unique location.” stated Nicholas Coburn of Bloomfield Capital. “We had to move quickly to close this within the prescribed timeframe, but we liked the market and understood the time and capital the borrowers had invested in making the center a success. Community engagement by a property owner is just one of those intangibles that can make all the difference.” Bloomfield closed the loan in less than four weeks.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, New York, Los Angeles, Denver, Chicago, and Portland, 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.
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