Mixed-use Retail / Office / Residential Condominium - TriBeCa, New York
$4,297,779 Mezzanine Loan

On March 24th, 2006 W Financial successfully provided a $4,297,779 mezzanine loan subordinate to a $20,000,000 first mortgage construction loan for the development of a 12-unit mixed use property in downtown Manhattan. The new building, located in the trendy neighborhood of TriBeCa, will consist of retail space, offices, and residential condominium units.

The prime corner site, originally a garage, is being demolished to make way for a nine-story 40,500 SF loft building. The developer is a joint venture of two long-established New York builders, thus execution risk is viewed as minimal. The façade of the new building is being designed to blend in with the timeless character of TriBeCa and will feature underground parking and a roof garden with views of the Hudson River. The residential units will range from 1,750 SF to more than 3,500 SF.

Since it is a new construction, the property will benefit from tax abatements. W Financial's mezzanine loan closed simultaneously with the $20,000,000 first mortgage construction loan provided by HSBC Bank USA.

W Financial is a direct private bridge and mezzanine lender providing short-term, special situation financing to developers, owners and investors.  If you are an accredited investor and would like to learn more about investing in the Fund, visit PrivateMortgageInvestment.com.

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