First Mortgage Bridge Loan
NoLiTa, Downtown Manhattan
$11,500,000 First Mortgage Bridge Loan to facilitate the acquisition of a prime development site in the NoLiTa neighborhood of Downtown Manhattan. The developers intend to construct eight luxury condominium units, each to be sold with an indoor parking space. It is expected that our bridge loan will be repaid once the plans have been completed and approved at which time we expect that W’s bridge loan will be refinanced with a construction loan provided by a bank. Although the borrower had a commitment letter from a bank, the bank was too slow in getting to the finish line, thus with a time-of-the-essence closing looming, the mortgage broker recommended W Financial as the surest way to meet their closing deadline.