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7/10/20
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In a recent financing brief out of New York City, a local real estate investment firm purchased two contiguous, mixed-use buildings in NYC’s Greenwich Village area in a $22.5 mil transaction. The deal was financed with a $16.5 mil acquisition loan funded by BridgeCore Capital Inc.
The properties contain 72 multifamily units along with ground floor retail. The apartments are 53% vacant, while the retail space is 100% vacant.
BridgeCore provided a non-recourse bridge loan with a 24-month term, including two six-month extension options. Loan terms include three months of prepaid interest; an interest rate of 7.65% for the first 12 months and a floating rate at Prime + 4.40%, with a floor of 7.65%, for the second 12 months; and collection of monthly escrows from the borrower for interest, taxes and insurance.
The financing is providing the borrower with the necessary time to make renovations, including a re-balancing between market-rate and rent-stabilized units, and to position the property for an exit with conventional financing, once stabilized.
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