Event Center, Multifamily
This bridge loan was for a discounted pay-off of a note secured by two commercial properties. The first property is a 25,000 square foot banquet event facility in suburban Detroit which is a profitable business operated by the Sponsor. The other property is a 70-unit apartment complex in suburban Detroit which was in good condition with a healthy occupancy rate. Several year ago their business was suffering and they fell behind on taxes during the recession. Within 30 days, Bloomfield paid off the previous mortgage, all the back taxes, a small 2nd position lien and provided a new senior mortgage on both assets. The Sponsor recently secured a new conventional CMBS mortgage which paid off our bridge loan and did not require any new capital from them. This transaction was completed in July 2016.