Upper East Side, Manhattan
W Financial provided a bridge loan collateralized by an 11,850 SF, multi-family building located on East 64th Street on Manhattan’s Upper East Side. The developer; a repeat borrower, utilized W Financial in order to close on the property quickly. The original loan amount was $10,000,000 and then after plans were approved, W Financial provided an additional $5,000,000 to help fund the construction. The finished product will be a new, high-end, five-unit condominium building. It is expected that W’s loan will be repaid as units are sold and closed. W’s borrower is an experienced developer who brought significant equity to the deal.