Philadelphia, PA

$10,000,000

Office

Refinance

10/21/2014
Transaction by
Bloomfield Capital
$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.