First Mortgage Loan
Greenwich Village, NYC
W has closed a $7,750,000 first mortgage loan secured by an attractive mixed-use property located on Seventh Avenue South in Greenwich Village, NY. The three contiguous buildings total 15,522 square feet and are fully leased with income from long-term tenants, which include two popular restaurants and 14 apartments.
The borrower has owned this property free-and-clear for many years. When new, compelling investment opportunities presented themselves to the borrower, he decided to obtain a bridge loan on this prime property in order to free up immediate cash. Later, he will then be able to take the necessary time to refinance W’s loan in due course with a conventional lender.