$1,450,000 First Mortgage Bridge Loan, NYC
W provided a $1,450,000 first mortgage bridge loan to finance the acquisition of a four-story, four-unit townhouse in the West 40's in Manhattan. In an off-market, niche transaction, our borrowers acquired the building at a favorable price (partially by accommodating the seller's desire to remain rent free for one year), and intend to allow existing leases to expire, make minor improvements to the building, and then reposition the property for sale to an end user likely to convert it to a single-family home. Our loan-to-value ratio on this mortgage at closing was approximately 67%. This was our second transaction with an active buyer.
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