$6,750,000 Pre-Development Bridge Loan, NYC
$6,750,000 pre-development bridge loan collateralized by various assets including three land parcels with over 42,000 SF of FAR in a prime West Chelsea location and the collateral assignment of a deposit to purchase an additional 19,650 SF of High Line Transferable Development Rights. Although the developer had a commitment letter for a construction loan from a major institutional lender, when a last-minute problem temporarily delayed the bank closing, W Financial closed a bridge loan in only 5 days.
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