PORTLAND, Maine, November 2, 2021 / PRNewswire / – Bloomfield Capital has announced the closing of a $ 4.0 million mezzanine construction loan on a condominium development in from Portland booming neighborhood of Munjoy Hill. The completed four story property will include 45 units on an underground garage.
The developer secured a senior construction loan from a regional bank, but needed subordinate financing to complete the project’s capital pile. The sponsors are experienced regional developers who are actively building in the local area and able to capitalize on the location of the property in an area of high future growth expected with increased demand for housing.
The project is located at the eastern end of the Portland peninsula and within walking distance of drivers of retail, labor and entertainment demand, including several of the region’s most popular craft restaurants and breweries, as well as offices housing the industry booming technology in the region. The property is also located directly off I-295, which provides quick access to the greater Portland Region.
Renee lewis, a director at Bloomfield with 30 years of due diligence and asset management experience, led the transaction team.
“Job growth, demographic changes and the limited existing supply have resulted in historic demand in the Portland housing market, ”Lewis said. “The developer has forty years of experience and an unprecedented reputation with engineers, architects and municipal workers across the state. It was an opportunity in a market that we know well and we are delighted to be part of it, ”she added.
The loan proceeds will facilitate initial site work and construction costs. The developer has met the pre-sale requirements, and significant additional sales are expected before the project is completed in August 2022.
About Bloomfield Capital
Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, New York, Los Angeles, Denver, Chicago and Portland, the Bloomfield Capital team draws on extensive experience in commercial real estate and finance. The company offers debt and equity solutions to meet complex and urgent transaction demands. Bloomfield Capital specializes in small and medium-sized financings of $ 2 million to $ 20 million in the form of bridge loans, mezzanine loans and preferred stock investments
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SOURCE Bloomfield Capital