Bloomfield Capital Provides $7.0 Million Senior Bridge Loan on Manufactured Housing Portfolio

BIRMINGHAM, Mich., August 1, 2023 (Newswire.com)
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Bloomfield Capital announces the closing of a $7.0 million senior bridge loan, which was used to refinance a portfolio of three manufactured housing communities in the Midwest.

The Sponsor, an experienced owner/operator of manufactured housing communities throughout the Midwest, required a new senior bridge loan to refinance a maturing loan and provide additional capital to fund planned improvements at the three properties.

“We have recently closed several transactions within the manufactured housing space,” stated Renee Lewis, a Managing Partner at Bloomfield Capital. “Quality manufactured housing communities continue to provide affordable home ownership options as many tenants are priced out of the single-family residential space,” Lewis added.

The Sponsor plans to complete a capital expenditure plan at the portfolio, stabilize occupancy, and refinance Bloomfield’s bridge loan with permanent financing in the next 12 months.

Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, Denver, Chicago, Portland, and NYC, Bloomfield Capital’s team draws from a broad base of commercial real estate and finance experience. The firm provides debt and equity solutions to meet the demands of time-sensitive and complex transactions. Bloomfield Capital specializes in small- to medium-sized financings from $3-30 million in the form of bridge loans, mezzanine loans, and preferred equity investments.

For more news and information, or to contact us, please visit www.bloomfieldcapital.com.

Source: Bloomfield Capital