$17,000,000

Bridge Loan

Flushing, Queens

W Financial has provided a $17,000,000 loan for the time-sensitive acquisition of a highly desirable ~138,000 square foot development site in the Flushing neighborhood of Queens, NY. The purchaser felt he had an opportunity to “flip” the property to another developer at a much higher price and needed to close very quickly. The site will permit more than 440,000 square feet to be built, as-of-right making this a rare and sizable development site in the Flushing submarket. The one-year, interest-only bridge loan closed within 26 hours of the borrower executing W’s term sheet.