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BIRMINGHAM, Mich., June 03, 2019 (GLOBE NEWSWIRE) -- Bloomfield Capital, a national direct lender and equity investor has announced the closing of a $9.5 million mezzanine loan in Chicago, IL on the adaptive re-use of a former office building.
The project is located in the dynamic Gold Coast neighborhood of Chicago within close proximity to a diverse range of dining, entertainment, and employment options. Bloomfield’s mezzanine loan will help facilitate the redevelopment of the former 4-story office building into an 8-story midrise mixed-use building with 100 luxury apartment units and ground floor retail.
The sponsor, an experienced real estate investor and developer, has previously completed similar renovation and redevelopment projects. Upon completion of the construction and stabilization of the asset, the Sponsor plans to refinance the senior construction loan and Bloomfield’s mezzanine loan with conventional financing and hold the property for the foreseeable future.
“This was a complex transaction involving multiple parties with a significant construction component,” stated Jason Jarjosa, Managing Partner at Bloomfield Capital. “The irreplaceable location of the property and strength of the Gold Coast/River North multifamily rental market were simply two highlights of this transaction. We believe this transaction will be the first of many with both the sponsorship team as well as the 1st lien lender, which are both very active in the greater Chicago market.”
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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