Bridge Loan for Michigan Office Building Acquisition

Funded by Bloomfield Capital

$5,100,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

04/14/2015

Property Type
Office
Property City

Grand Rapids

Property State

MI

Interest Rate

%

Origination Points

%

Deal Summary

$5,1MM senior bridge loan for the purchase and renovation of a 70,000 square foot office building in Grand Rapids, Michigan. The 1980’s vintage building had dated common areas that needed capital. Like many in the suburban Grand Rapids office market, the previous owner was faced with either investing additional renovation capital to attract top-tier tenants or discounting rents to maintain occupancy. The owner decided to sell the property instead. Before closing, the Borrower had already been in contact with almost all of the tenants in the building, who were obviously excited about the upgrades to the property. Many were quick to offer extensions to their existing leases and some actually took more space. After completing the renovations, the Borrower plans to refinance with an institutional lender. This transaction was completed in April 2015.

Funded By

Bloomfield Capital

The Direct Bridge Lender and Equity Provider for Urgent Projects