$3,100,000 Bridge Loan, Williamsburg Brooklyn
With a non-contingent contract signed, and only a short window of time to close, W Financial has provided a $3,100,000 bridge loan to finance the acquisition of a package of 11 condominium apartments in Edge and Northside Piers, two of the most successful waterfront developments in Williamsburg, Brooklyn. Having only two of the 11 apartments currently rented and producing cash flow, the buyer's goal was to close quickly with a bridge loan, rent up all the units, and then refinance with a local bank. Later on, as the market continues to improve, he plans to begin selling units. The ability to close quickly and definitively with a bridge loan was key to the buyer's action plan and to his success in closing the deal.
Back to Recently Completed Loans
|
