Upper East Side, NYC
W Financial has closed a time-sensitive acquisition loan for the $21,750,000 purchase of a well-located, nearly 12,000 square foot commercial condominium located on a prime corner of Park Avenue on Manhattan’s Upper East Side. Although the borrower had already lined up conventional financing, that lender was not yet ready to close, and a 1031 tax-free exchange deadline created the urgency to close with a bridge lender in order to preserve the favorable tax treatment for the buyer. The commercial condominium has a long-established medical practice as the tenant, with a new 15-year NNN lease in place. It is expected that the bridge loan will be refinanced upon the closing of the long-term conventional financing.