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| Gregg Winter |
NEW YORK, NY, Nov. 3, 2012 -- Winter & Company(www.winterandcompany.com) has closed
$24,446,710 in debt and equity financing in connection with a multi-phase
transaction to acquire, design and build a six-unit, amenity-rich, luxury
condominium development on a quiet street between West Broadway and Hudson
Street in TriBeCa, NYC.
Initially Winter & Company arranged a $6,000,000 bridge
loan to facilitate the $10,000,000 site acquisition. The acquisition/bridge
loan carried a rate of 4.5% and a term of 24 months, interest-only.
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| Hudson Street in Tribeca neighborhood |
Then, during the time that the project was being designed
and presented for approvals to the D.O.B. (the NYC Dept. of Buildings) and the
LPC (the Landmarks Preservation Commission), Winter & Company sourced a
Joint Venture Equity partner, adequately capitalizing the project and allowing
the developer to recover the majority of his original equity contribution.
The $16,160,000 construction loan carries a rate of 4.5% and
a term of 24 months. As is typical in today’s development deals, the
construction loan equates to a loan-to-cost of approximately 63% and is
personally guaranteed by a developer with strong net worth, liquidity and a
track record of relevant experience of building and successfully selling luxury
property in TriBeCa, NYC’s priciest zip code.
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| Textile Building, Tribeca district |
The joint venture equity partner sourced by Winter &
Company will make an initial equity contribution to the Venture of $8,286,710
and will add bandwidth to the project’s sponsorship both in terms of financial
strength and experience.
While this project aims at the ultra-high end, $2,500+ per
square foot market, there is far more demand than supply in this rarified
market segment, and the developer has proven that he knows how to deliver the
correct design, finishes and amenities needed to complete construction and successfully
sell at that level.
Winter & Company
is a Manhattan-based, commercial mortgage advisory firm that specializes in
arranging development and construction financing, financing for multifamily and
mixed-use properties, and arranging cooperative underlying mortgages.
Its affiliate, W Financial Fund, LP (www.w-financial.com) is a direct private bridge
lender providing short-term, special situation financing primarily for NYC
multifamily and mixed-use properties.
Contact:
Gregg Winter - President
Winter & Company Commercial Real Estate Finance
Creative Minds | Unparalleled Service ®
149 Madison Avenue, Seventh floor
New York, NY 10016
Phone: 212 532-1122 x1
Email: gregg@w-financial.com
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