First Mortgage Loans
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$8,750,000 First Mortgage Construction loan for the ground-up
development of 33 condominium units in Brooklyn, NY
W Financial successfully funded a $8,750,000 construction loan for the ground-up development of 33 condominium units and 17 parking spaces in Crown Heights, Brooklyn.
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$2,000,000 First Mortgage Loan for a commercial townhouse in West 12th Street in Greenwich Village, NY
A world-esteemed non-profit foundation was provided with a $2,000,000 first mortgage loan collateralized by a free-and-clear Greenwich Village townhouse with a value of more than 3 times the loan amount.
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Park Avenue Townhouse Conversion
$4,025,000 First Mortgage Loan | Term: 18 months
The owner of this prime Park Avenue 8-unit townhouse purchased the building in 2000 with a goal of vacating the tenants, changing the Certificate of Occupancy and then re-selling as a single-family home at a significant premium. [Read More] |
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Upper East Side Multifamily Townhouse being converted to Single-Family
$2,600,000 First Mortgage Loan | Term: 1 year
The Borrower, a very successful owner of a construction company, acquired this property for $3,737,500 and will immediately renovate and convert it to a single-family residence. Single-family town homes in Manhattan are in short supply and tend to sell at a premium compared to multi-unit townhouses.
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Industrial Property - Red Hook, Brooklyn, NY
$1,025,000 First Mortgage Loan | Term: 18 months
Partially owner-occupied 22,500 sq. ft. one-story industrial building in Red Hook, Brooklyn. Owner occupies 8,600 sq. ft., runs a contracting / woodworking business and has 2 tenants, 1 with 7,500 sq. ft. paying $52,800 per year and the other with 6,400 sq. ft. paying $37,800 per year. [Read More] |
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Restaurant/Lounge - Sag Harbor, Long Island, NY
$1,100,000 First Mortgage Loan | Term: 1 year
11,000 sq. ft. mixed-use property (primarily an 8,000 sq. ft. restaurant/lounge) facing the marina front in Sag Harbor, Long Island. [Read More] |
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Historic Brownstone Renovation - West 132nd Street, Harlem, NYC
$500,000 First Mortgage Loan | Term: 1 year
An acquisition/construction loan for two active real estate investors who were fortunate to purchase this already partially renovated 3,932 sq. ft. Harlem Brownstone from an estate. [Read More] |
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