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$1,000,000 Participation in a First Mortgage Construction/Development Loan for 2 Condominium Buildings in Brooklyn, NY
This first mortgage construction/development loan was provided for the construction of two 4 story buildings for a total of 17 units on two lots. The appraised land value was $1.8M at the beginning of the project, and the net sellout value of the condos is expected to be $10.5M for a total LTV of 48%.
This first mortgage construction/development loan was provided for the construction of two 4 story buildings for a total of 17 units on two lots. The appraised land value was $1.8M at the beginning of the project, and the net sellout value of the condos is expected to be $10.5M for a total LTV of 48%.
