W Financial, a private bridge loan fund has provided a $10,250,000 first mortgage bridge loan to a seasoned NYC development team that intends to build an 18-story mixed use condominium project comprised of ~60,000SF. The purpose of the bridge loan was to accelerate the acquisition so that the demolition and construction of the foundation could begin in time to meet the soon-to-expire 421A tax abatement program deadline. Given the current turbulent capital markets, the developers chose not to risk waiting for their construction loan to close as in May 2008 before starting their foundation.

The loan is expected to be repaid when the construction financing is closed. The developer had a TOE closing and W Fund successfully closed the loan within a very tight time frame.

W Financial is a direct private commercial bridge lender providing short-term, special situation financing to developers and owners. Launched in 2003, W is managed by Gregg Winter, David Heiden and Marc Bailin. W Financial focuses on loan opportunities with strong sponsorship and excellent locations, where speed and certainty of execution are the borrower's paramount concerns.

For more information visit www.w-financial.com.