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| Park Avenue, Upper East Side, Manhattan, NY |
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| David Heiden |
NEW YORK, NY--W Financial has closed a time-sensitive
acquisition loan for the $21,750,000 purchase of a well-located, nearly 12,000
square foot commercial condominium located on a prime corner of Park Avenue on
Manhattan’s Upper East Side.
Although the borrower had already lined up conventional
financing, and there was a new 15-year triple-net lease with a long-established
medical practice in place, the bank was not yet ready to close, and a 1031
tax-free exchange deadline created the urgency to close with a bridge lender in
order to preserve the favorable tax treatment for the buyer.
It is expected that the bridge loan will be refinanced upon
the closing of the conventional financing.
W will also consider providing construction loans in
Manhattan or Brooklyn for experienced developers, as well as mezzanine loans,
preferred equity or joint venture equity on well-located, cash-flowing
properties.
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| Manhattan Upper East Side |
On select transactions W Financial is pricing its bridge
loans as low as 8%, with terms as long as five years depending on the usual
factors such as location, loan-to-value ratio, cash flow and quality of the
sponsorship.
Click here to see recent bridge
loans closed by W, and read our home page to get a better sense of which of
your prospective loan scenarios might be in our "strike zone".
Call me to discuss or contact my partner David Heiden
| david@w-financial.com (212) 684-8484,
or contact our Senior Loan Officer Jarret Schochet | jarret@w-financial.com (212) 684-2205 to
discuss your new bridge loan scenarios.
For a complete copy of the company’s news release, please
contact:
Gregg Winter - President
Winter & Company
Creative Minds | Unparalleled Service ®
149 Madison Avenue, Seventh floor
New York, NY 10016
Phone: 212 532-1122 x1
Email: gregg@winterandcompany.com
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