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| 138,000-SF Development Site, Flushing Neighborhood, Queens, NY |
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| Greg Winter |
NEW YORK, NY, Dec. 8, 2014 --Direct lender W Financial has
provided a $17,000,000 first mortgage bridge loan for the acquisition of a
highly desirable ~138,000 square foot development site in the Flushing
neighborhood of Queens, NY.
While the purchasers are fully capable of developing the
property on their own, they also sensed an opportunity to “flip” the property
to another developer at a significantly higher price and needed to close very
quickly.
This highly time-sensitive transaction was made possible
both because of the Sponsor's very significant equity contribution and level of
preparation, and also because of W's strong familiarity with the local market
which accelerated the underwriting process.
The loan closed within two days of the borrower executing W's
term sheet.
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.
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| David Heiden |
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".
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.
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 - Founder & Managing Partner
W Financial Fund, LP
Special Situation Financing for Commercial Real Estate ®
149 Madison Avenue, Seventh floor
New York, NY 10016
Phone: 212 532-1122 x1
Email: gregg@w-financial.com
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