Restaurant/Lounge - Sag Harbor, Long Island, NY
$1,100,000 First Mortgage Loan | Term: 1 year
 11,000 sq. ft. mixed-use property (primarily an 8,000 sq. ft. restaurant/lounge) facing the marina front in Sag Harbor, Long Island. This prime Hamptons property (both the real estate and the operating entity) was purchased for $2,500,000 in August 2003. It is owner-occupied and one of the three principals has a strong personal guaranty. The owners derive additional income from apartment rentals and several caterers' off-season use of the 2 professional kitchens. The Borrowers plan to resolve various violations during the course of this year (for which the Fund is escrowing $50,000), and then to refinance with a conventional institution. Update: All violations were cured within the first year and the Borrowers extended the loan.
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