W Financial has closed a $19,000,000 Bridge Loan used to acquire a large development site on 40th Road in Flushing, Queens. The property is improved with a ~99,600 square foot industrial building, which is occupied by month-to-month tenants. Due to the month-to-month tenancy, the buyers were unable to obtain conventional bank financing.
The W Financial loan enabled the borrower to close on the acquisition in a timely manner. The borrowers plan to construct two residential buildings as well as a hotel spanning over ~500,000 square feet. Once the site has been fully prepared for development and all approvals have been obtained, it is expected that the borrower will obtain a conventional construction loan to refinance W Financial’s bridge loan.