Bloomfield Capital closed a $13 million senior bridge loan, which provided the capital necessary for the acquisition of two adjacent industrial buildings totaling 230,000 square feet in greater Indianapolis. The sponsor required immediate execution due to an expiring purchase option, which allowed it to acquire the property and accommodate its rapidly growing business.
The sponsor’s business has operated at a portion of the building for the last several years and it recently expanded to occupy the entire property. Bloomfield’s bridge loan will allow for the sponsor to continue the expansion of its business and execute its business plan.
“As the capital markets have continued to tighten, we have been presented with more owner-occupied buildings in need of senior bridge capital,” Brent Truscott, partner at Bloomfield Capital, said. “Sellers are still demanding fast closings, and banks and insurance company lenders are not typically able to accommodate expedited closings, especially if the underlying tenant at the property is in expansion mode and not able to demonstrate several years of consistent cash flow. As a direct capital provider and balance sheet lender, Bloomfield Capital can provide flexibility and expediency when time is of the essence.”
Bloomfield was able to swiftly underwrite the sponsor’s business and understand the local industrial market in greater Indianapolis. The sponsor plans to refinance Bloomfield’s bridge loan with a loan from the SBA upon stabilization of its business operations.
