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| Kips Bay Neighborhood, Manhattan, NY |
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| Gregg Winter |
NEW YORK, NY, Jan. 18,
2017 -- W Financial has originated a $19,000,000 first mortgage loan and
retained a $9,500,000 loan participation secured by a prime development site
located on Second Avenue, between 33rd and 34th streets in the Kips Bay
neighborhood of Manhattan.
The owner is working on obtaining approved
plans to construct a fifteen-story, mixed-use building of nearly 55,000 square
feet of FAR. The site has approximately 76 feet of frontage on Second Avenue.
The borrower required a
bridge loan because his existing first mortgage loan had matured and needed to
be replaced. The borrower plans to seek conventional construction financing
once his plans are approved and then to repay the W loan when he closes the
construction loan.
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: 212 532-9170
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