Multifamily Property In Brooklyn, NY

Loan Type:
Bridge Loan
Loan Amount:
$17,000,000
Loan Term:
1 YR
Amortization:
Interest Only
Recourse:
Non-Recourse
LTV:
71%

Challenges

Challenges: Money360 recently closed a $17 million loan on this 30 unit apartment complex in Brooklyn, New York. This is a new development property that sits in the gentrified Greenpoint neighborhood. Due to vacancies and delays in construction the borrower was looking to reduce their rate by taking out their current lender.

Solutions

Solutions: This one-year, interest only, fixed rate term loan was structured to provide further capital to complete construction and fill vacancies in the complex. We were able to provide surety of execution and give them the time to stabilize the property.

Ken Wood

Money360

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