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BIRMINGHAM, Mich., Oct. 24, 2019 (GLOBE NEWSWIRE) -- Bloomfield Capital, a national direct lender and equity investor, has announced the closing of a $7.5 million senior bridge loan on a prime mixed-use building in Santa Monica, CA.
The Property is in the heart of West Los Angeles’ technology and entertainment corridor; with proximity to Universal Music, Viacom, Sony, Activision, Electronic Arts, and numerous other conventional and multi-media company headquarters. The building, which has been used for music, voiceover, and other audio recording uses, as well as general office space, will be further developed for entertainment industry tenants. The property offers gated parking – a valuable differentiator for artists and technicians transporting valuable equipment; and is walking distance to great cafes and restaurants. The Property is artistically appealing, with modern architecture, full-length murals and outdoor meeting spaces.
Bloomfield’s bridge loan will fund the acquisition of the property as well as the renovation to add and update the high-end recording and rehearsal space.
The Sponsor is an experienced real estate professional in the Los Angeles area who partnered with an expert manager in the recording and rehearsal market. They have engaged a specialized contractor with decades of experience in studio design and buildout to complete the renovations. Once completed, the recording and rehearsal spaces will be available on both short and long-term bases.
“This transaction required an understanding of a specialized part of the market, and a full vetting of the ownership and management team,” stated Nick Coburn of Bloomfield Capital. “The robust entertainment infrastructure in Santa Monica supports the use of the property where similar studios in the market have 100% occupancy, with waiting lists. We were attracted to the building’s prime location and the strength of the sponsorship.”
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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