The project sponsor used Bloomfield's senior bridge loan to purchase the former Low Income Housing Tax Credit ("LIHTC") asset from the prior lender. Though the asset was stabilized at 90% occupancy, rents lagged behind those of competitive properties.
"This is one of several assets that the sponsor group has purchased using Bloomfield's bridge loan program," stated
Truscott also added, "Discretionary capital and the ability to underwrite loans in-house are what distinguish Bloomfield from the majority of our peers. Tight closing timelines and transactions in need of stabilization or lease-up have become our specialty."
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