$10,000,000 Bridge Loan for a portfolio of properties including land,
a gallery building and Highline Transferable Development Rights
on West 21st and West 24th Streets.
CONTINUED:
This is the borrower’s second transaction with the Fund. The borrower is a successful New York-based developer with current condominium projects ranging from Manhattan to the Hamptons who was looking for maximum speed and flexibility.
W Financial’s Private Bridge Loan refinanced a maturing loan and will establish a payment reserve to service the loan until the earlier of a) the closing of the sale of the High Line air rights, or b) the sale of the West 21st Street building.
W Financial is a direct private bridge and mezzanine lender providing short-term, special situation financing to developers and owners of commercial and multifamily real estate. The Fund, managed by Gregg Winter and Marc Bailin, was launched in 2003 and affords its high-net-worth and institutional investors an opportunity to participate in a portfolio of high-yield mortgages and mezzanine loans earning consistent returns. W Financial focuses on loan opportunities with strong sponsorship and excellent locations, where speed and certainty of execution are the borrower’s paramount concerns.
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