Chicago, IL

$1,800,000

Office

Purchase

07/01/2014
Transaction by
Bloomfield Capital
$1.8MM bridge loan for the purchase of a 40,000 square foot bank-owned office building in suburban Chicago. This transaction, completed in July 2014, is a great example of an undervalued REO asset with significant potential that was being mismanaged due to bank ownership. This bridge loan allowed the Borrower to quickly close the transaction and preserve $100,000 in equity that would have otherwise been at risk. The loan also provides for a capital improvement reserve to allow for renovations on vacant space as new leases are signed. The Borrower put down 20% cash, and the LTC (loan-to-cost) for this senior bridge loan is 80%.