Midtown Manhattan, NYC
W Financial has provided an $8,000,000 bridge loan to refinance a prime development site located on Manhattan’s Third Avenue between 44th and 45th Streets. The site is currently improved by an 8,375 square foot, five-story, mixed-use building and has been approved for the development of a 35,624 square foot hotel and would also be suitable for various alternative uses. W’s borrower is one of NYC’s most active hotel developers. He acquired the site two years ago and has recently successfully negotiated the buyout of the last remaining tenant, thus unlocking the high-traffic site’s highest and best use which is to be re-developed. The existing building will eventually be demolished (only after our loan has been repaid). W’s loan includes both first mortgage and mezzanine loan positions and our collateral also includes a second property located in Old Westbury, NY.