BIRMINGHAM, Mich. - December 8, 2022 - (Newswire.com)
Bloomfield Capital announces the closing of a $6.0 million senior bridge loan, which provided the capital necessary for the acquisition and renovation of an industrial complex in greater Houston, Texas. The Sponsor required immediate execution due to an expiring purchase contract.
The Sponsor, a real estate private equity fund, owns multiple industrial real estate assets in the Houston area, and has completed lease-up strategies on similar properties in the recent past.
"Industrial real estate in Houston has less than a 6.0% vacancy rate, and the subject's immediate market has less than a 5.0% vacancy rate," stated Jason Jarjosa, a Partner at Bloomfield Capital. "Newer, well-located assets such as this property are attractive to prospective tenants due to their high ceiling heights, existing overhead cranes, and proximity to the George Bush International Airport," Jarjosa added.
The Sponsor plans to ultimately refinance Bloomfield's bridge loan with a conventional loan or sell the asset once the property has been fully leased.
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Original Source: Direct Lender Funds Loan on Industrial Complex in Texas