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

• 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

• 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.

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