Bloomfield Capital Funds Retail Loan
- Aug 01, 2017
Bloomfield Capital closed a $3.2 million senior bridge loan for the refinance and renovation of a 30,000-square-foot retail center in Nashville, Tenn. The sponsor is a local real estate development firm that purchased the former single-tenant asset as REO from a bank. The company converted the asset into a multi-tenant retail property. Bloomfield’s loan proceeds refinanced a prior lender and provided the tenant improvement funds necessary to finish the interior build-out.
Flexible bridge capital
Multiple tenants have already signed leases on the space and are waiting to occupy the well-located retail building. Bloomfield’s loan will fund the capital necessary to complete improvements at the property and bring the asset to full occupancy.
“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,” said Bloomfield Capital Vice President Dennis Onabajo, in prepared remarks.
Since 2008, Bloomfield Capital has funded debt and equity investments in expanding MSAs including Nashville, Denver, Atlanta and Houston. As the Nashville population grew by an average of 100 residents per day last year, demand for new retail development increased consistently, according to estimates from the U.S. Census Bureau.
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