Portfolio of Properties - New York City And Upstate New York
$11,500,000 Bridge Loan | Term: 1 year
A blanket mortgage covering three adjacent Greenwich Village investment properties, two Chelsea penthouse apartments, a 14,000 sq. ft. Chelsea commercial building, and an estate on 200+ acres of land on the Hudson River in Upstate New York. The surplus proceeds of our bridge financing will pay for extensive renovations to several of the properties, satisfy various obligations and establish a payment reserve. The Borrower expects to sell several of the real estate assets over the next year. Our bridge loan will solve the Borrower's short-term cash flow problems. This 54% loan-to-value blanket mortgage is enhanced by a strong personal guarantee from the Borrower.
The surplus proceeds of our bridge financing will pay for extensive renovations to several of the properties, satisfy various obligations and establish a payment reserve. The Borrower expects to sell several of the real estate assets over the next year. Our bridge loan will solve the Borrower's short-term cash flow problems. This 54% loan-to-value blanket mortgage is enhanced by a strong personal guarantee from the Borrower.
