Wednesday, April 22, 2015

W Financial Provides $8 Million Bridge Loan to Refinance Prime Development Site on Manhattan’s Third Avenue


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.

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.

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
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