Bloomfield Capital, a national direct lender and equity investor has announced the closing of a $9.5 million mezzanine loan in Chicago, IL on the adaptive re-use of a former office building.
The project is located in the Gold Coast neighborhood of Chicago within close proximity to a range of dining, entertainment and employment options.
Bloomfield’s mezzanine loan will help facilitate the redevelopment of the former four-story office building into an eight-story midrise mixed-use building with 100 luxury apartment units and ground floor retail.
The sponsor, an experienced real estate investor and developer, has previously completed similar renovation and redevelopment projects.
Upon completion of the construction and stabilization of the asset, the Sponsor plans to refinance the senior construction loan and Bloomfield’s mezzanine loan with conventional financing and hold the property for the foreseeable future.
“This was a complex transaction involving multiple parties with a significant construction component,” stated Jason Jarjosa, Managing Partner at Bloomfield Capital.
“The irreplaceable location of the property and strength of the Gold Coast/River North multifamily rental market were simply two highlights of this transaction. We believe this transaction will be the first of many with both the sponsorship team as well as the 1st lien lender, which are both very active in the greater Chicago market.”