Grand Street, NYC / Office Building with Retail $2,100,000
Acquisition Bridge Loan | Term: 12 months
W Financial recently closed a $2,100,000 bridge loan in only 10 days from the initial offer for the acquisition of a mixed-use (office and retail) property on Manhattan's Lower East Side. The Borrower was in contract to purchase the old building with the intent of renovating it. There was an issue however of a time-of-the-essence 1031 tax-free exchange deadline where the construction lender was not yet ready to close on the acquisition. Clearly, the Borrower did not want to lose the tax benefits of the 1031. W Financial was able to provide the acquisition financing in time and now the Borrower can obtain the construction financing to renovate the property.
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