Bloomfield Capital, a specialty real estate finance firm, has announced the closing of a $1.8 million senior bridge loan to refinance and renovate an apartment complex located in Macon, GA. 

The project sponsor used Bloomfield's senior bridge loan to execute on a renovation and stabilization plan after a prior lender was not able to fund the renovation loan as promised.

"This asset was in great shape and was partially renovated, so we understood that the sponsor had a viable plan in place, but was lacking the necessary capital to execute," stated Nicholas Coburn, a principal at Bloomfield Capital.  "Bloomfield's bridge loan will allow this asset to quickly achieve positive cash flow, in a market where there is a demand for newly renovated Class B apartments."

Coburn also added, "Tight closing timelines and transactions in need of stabilization or lease-up have become our specialty."