Upper East Side, NYC
W Financial has structured a $13,000,000 bridge loan for the developer of a luxurious, meticulously designed and gut-renovated single-family townhouse on East 80th Street on the Upper East Side of Manhattan. The fund’s bridge loan repaid a maturing bank construction loan, and will give the borrower adequate time to properly market the well-located, 22’ wide mansion in order to achieve the highest possible price. The fund retained an $8,500,000 first mortgage senior position, and offered a participant a subordinate $4,500,000 mezzanine loan position. The 10,800 square foot carriage house has nine bedrooms and 8 1/2 baths, an elevator and many other dramatic amenities including a two-story waterfall, a private garden and terraces.