Commercial Property Value Add06/01/2015
Senior bridge loan for the purchase and renovation of a 148-unit apartment community in Decatur, just east of Atlanta, GA. The Borrower is an experienced multifamily property investor who recently completed a similar project nearby. He used Bloomfield’s bridge loan to purchase the asset and fund a renovation reserve. The 1960’s vintage community was put into bankruptcy by the previous owners to avoid losing the property in foreclosure. Our senior bridge loan will allow this apartment complex to quickly become competitive with the surrounding properties, most of which are currently at 90% occupancy or greater. The loan covered 70% of the total project cost, but the projected loan-to-value is 60% upon stabilization. After completing the renovations, the Borrower plans to refinance with an institutional lender to pay off this 1st trust deed bridge loan within the 18-month loan term. It was funded in June 2015.