Various Multi-Family Properties
A $17,000,000 mezzanine loan collateralized by the borrower’s ownership interests in various cash-flowing multifamily properties located throughout Brooklyn and Long Island (one of which are pictured here). The borrower is a local real estate investor who was scheduled to close on a time-sensitive acquisition and required the funds in order to be able to close on time. W Financial was able to offer a creative solution to quickly free up some of the borrower’s equity providing the liquidity he needed to close on his time-of-the-essence acquisition. Subsequent to our closing, our loan was paid down by $1,700,000 and a portion of the collateral was released. The borrower plans to repay the balance of W’s loan by either selling or refinancing a portion of his portfolio.