Second Mortgage Bridge Loan
Meatpacking District, NYC
$8,250,000 second mortgage bridge loan for a three-story, 15,000 square foot retail property in NYC’s Meatpacking District, located near the High Line and at the nexus of what has become a highly sought-after location for luxury retailers. The property is a commercial condominium unit. W’s loan is junior to a seller-provided, purchase money mortgage and was utilized to fund a tenant buyout so that a lease can be signed with a new tenant at a much higher rent. Our borrowers are highly-experienced and successful owners and operators of high-end retail properties in Manhattan who are adept at spotting opportunities and creating value. Now that W’s loan has enabled the tenant buyout, the property has been net-leased to one of the world’s top luxury automakers who will transform the space to help promote their brand. It will be a combination event space, gallery, lounge and retail boutique, where people can experience the brand well beyond what is possible from visiting a dealership. For W, it’s simply a very attractive bridge loan with strong borrowers and a new, deep-pocketed, institutional-quality tenant. It is expected that once the build-out has been completed and the new tenant has moved in, that our borrowers will either refinance with a bank, or sell the property.