Bloomfield Capital, a specialty real estate finance firm, has announced the closing of a $2.5 million senior bridge loan to purchase and renovate a 148-unit apartment community located in Decatur, GA.

The project sponsor used Bloomfield's senior bridge loan to purchase the asset and fund a renovation reserve. The 1960's vintage community was put into bankruptcy by the previous owners to avoid losing the property in foreclosure. The protracted process starved the property of capital and delayed previously planned renovations.

"Rapid growth in the Atlanta economy has created a lack of affordable housing options for working class residents," stated Nicholas Coburn, a partner at Bloomfield Capital. "Bloomfield's senior bridge loan will allow this apartment property to quickly outperform the surrounding properties, most of which are currently at 90% occupancy or greater."

Coburn also added, "Discretionary capital and the ability to underwrite loans in-house are what distinguish Bloomfield from the majority of our competitors. Tight closing timelines and transactions in need of stabilization or upgrades have become our specialty."