BridgeSpan Capital Partners and Crestmark announced the joint venture BridgeSpan Funding, formed specifically to provide short-term financing to investors in commercial real estate assets. Located in Bloomfield Hills, MI, the newly formed company will be managed by a diverse and experienced investment team.
The team is led by Matt Roslin as managing director, previously with Flagstar Bank as chief legal officer and executive vice president of administration; and supported by an Investment Committee that includes Mark Hammond, Geoff Langdon, and Steve Faliski, each of whom is also a founding partner of Bloomfield Hills-based Alidade Capital. Prior to forming Alidade, Hammond was CEO and president of Flagstar Bank; Langdon has been active in real estate investment and development of office and retail properties with Midelem Companies; and Faliski was previously with Chemical Bank (which became JP Morgan Chase), working in credit, underwriting and transaction management.
“Accessing traditional bank financing in an expeditious manner remains a challenge for commercial real estate investors throughout Michigan and the rest of the country,” said Matt Roslin, BridgeSpan Managing Director. "We understand the time-sensitive nature of transactions in today’s market and the importance of having a reliable financing source. BridgeSpan will provide up to $5 million of financing to qualified investors with cash-flowing properties for up to a three year term. We believe there is great market demand for loans in this space and with Crestmark’s experience in financing and support, teaming with them on this venture was a no-brainer.”
“We are excited about this additional venue to help businesses in our marketplace,” said Mick Goik, Crestmark president. “The BridgeSpan team is comprised of highly qualified individuals, and we look forward to a long and beneficial relationship.”
BridgeSpan Capital Partners was established to capitalize on the opportunity to provide loans to purchasers and existing owners of commercial real estate assets that, for various reasons, cannot quickly and efficiently access traditional financing sources. BridgeSpan Funding is a joint venture between BridgeSpan Capital Partners and Crestmark that was created to serve that market by providing borrowers with financing to “bridge” their projects to traditional financing sources in a cost-effective manner.
Crestmark is a nationally known FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit, factoring, and equipment financing.