Kips Bay, Manhattan
W Financial has originated a $19,000,000 first mortgage loan and retained a $9,500,000 loan participation secured by a prime development site located on Second Avenue, between 33rd and 34th streets in the Kips Bay neighborhood of Manhattan. The owner is working on obtaining approved plans to construct a fifteen-story, mixed-use building of nearly 55,000 square feet of FAR. The site has approximately 76 feet of frontage on Second Avenue.
The borrower required a bridge loan because his existing first mortgage loan had matured and needed to be replaced. The borrower plans to seek conventional construction financing once his plans are approved, and then plans to repay W’s bridge loan when he closes the construction loan.