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| Prime Development Site on Manhattan's Third Avenue between 44th and 45th Streets |
NEW YORK, NY -- W Financial has provided an $8,000,000
bridge loan to refinance a prime development site located on Manhattan's Third
Avenue between 44th and 45th Streets.
The site is currently improved by an 8,375 square foot,
five-story, mixed-use building and has been approved for the development of a
35,624 square foot hotel and would also be suitable for various alternative
uses.
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| David Heiden |
W's borrower is one
of NYC's most active hotel developers. He acquired the site two years ago and
has recently successfully negotiated the buyout of the last remaining tenant,
thus unlocking the high-traffic site's highest and best use which is to be
re-developed.
The existing building will eventually be demolished (only
after our loan has been repaid). W's
loan includes both first mortgage and mezzanine loan positions and our
collateral also includes a second property located in Old Westbury, NY.
Our borrower will likely sell the desirable site which is
now finally ready for development and is currently listed for sale at
$17,500,000.
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.
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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| Gregg Winter |
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 - 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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