NEW JERSEY—Bloomfield Capital, a finance firm focused on originating and purchasing commercial real estate loans, recently funded a $2.0 million senior bridge loan in New Jersey. The loan, collateralized by a 125-unit hotel property, enabled the borrower to capitalize on a substantial discounted payoff of the legacy debt.
"While the hospitality sector has recently experienced improvement in occupancy and room rates nationwide, many properties are still saddled with legacy debt issues,” said Jason Jarjosa, managing partner at Bloomfield Capital. “Bloomfield's bridge loan program allows borrowers to quickly recapitalize their balance sheets to lower levels of debt while maintaining control of their assets."
Bloomfield Capital is a direct real estate lender based in Birmingham, Mich. and Chicago, Ill.