$7,100,000

Bridge Loan

Main Street – Sag Harbor, Long Island, New York
Repeat Borrower

W Financial has provided a $7,100,000 acquisition loan to facilitate the purchase of a prime retail property located on Main Street in Sag Harbor, Long Island, New York. The property is in transition, and the borrower needed a bridge loan until the property is fully stabilized.

The borrower’s exit strategy is to re-lease the vacating Apple Bank high-ceilinged, prime ground-floor space to a strong new retail tenant at market rent, stabilize the property’s second floor office space income, and then either refinance W’s bridge loan with permanent financing or sell the asset.