$10,000,000

Bridge Loan

Greenwich, Village

$10 million bridge loan which is being utilized by a successful real estate developer for the opportunistic acquisition of two contiguous mixed-use loft buildings on Broadway south of Astor Place in Greenwich Village. The Broadway loft buildings had been owned by an estate that had been embroiled in years of litigation among feuding family members who ultimately decided, (after many false starts and stops), to sell the property to our borrower. While the property has a host of issues for the new owner to resolve, ranging from IMD tenants to repairs and renovations, it would be difficult to identify a buyer more well-versed to effectively tackle each issue and, as a consequence, create enormous value. Given the outstanding location and the years of inaction due to the family feud, we feel the buildings have tremendous upside potential. W’s loan also blankets two retail condominiums just off Fifth Avenue in the Flatiron district.