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W Financial Fund, LP, a NYC-based direct private lender has provided a $17,400,000 first mortgage bridge loan to a seasoned development team to refinance a construction loan for a newly completed 18-story property facing McCarren Park in North Williamsburg. The developer had already sold 26 out of 64 units and wanted to rent the remaining 38 units until the selling environment improves. The terms of the construction loan permitted sales and release of units but prohibited rentals. Our bridge loan will allow the developer to rent the units and then once the cash flow has stabilized to then obtain conventional financing to refinance the W Financial bridge loan. The condominium inventory loan was structured with release prices to permit sales of units during the lease-up period. W Financial is a direct, private commercial bridge lender providing short-term, special situation financing to developers and owners. Launched in 2003, W Financial is managed by Gregg Winter, David Heiden and Marc Bailin. The fund 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. |
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