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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
10/21/2014
Property Type
Office
Property City
Philadelphia
Property State
PA
Interest Rate
%
Origination Points
%
Deal Summary
$10MM Senior bridge loan to refinance a 140,000 square foot office complex in suburban Philadelphia. The Borrower used Bloomfield’s senior bridge loan to facilitate the discounted payoff of 2 two legacy CMBS loans from the a special servicer representing the prior lender.The property was 75% occupied across multiple buildings. This private mortgage loan also provides for a capital improvement reserve to allow for renovations on vacant space as new leases are signed. The loan-to-cost was 80% but the stabilized loan-to-value is 65%. This bridge loan was funded in October 2014.
Funded By
Bloomfield Capital
The Direct Bridge Lender and Equity Provider for Urgent Projects