New Rochelle, NY, New Townhome / Condominium Development
$1,700,000 Mezzanine Loan as part of Construction/Mezzanine combination totaling $9,100,000
W Financial has completed an $1,700,000 mezzanine loan behind a $7,400,000 first mortgage construction loan for the development of 22 townhome/condominiums in New Rochelle, NY.  The Borrower achieved 90% loan-to-cost financing (based on the aggregate amount of financing provided by the construction lender and W Financial). The mezzanine loan closed 8 months into the project, with construction well under way. The additional funds will help the developers fund various change orders and improvements to the project making the finished units even more competitive in the evolving local market.
W Financial already had an intercreditor agreement in place with the construction lender facilitating the closing of this loan.
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