Business Services Industry
Winter & Company Commercial Real Estate Finance
Real Estate Weekly, Feb 21, 2001
Winter & Company Commercial Real Estate Finance closed a $2 million acquisition/bridge/construction loan for a prime Gramercy Park South multifamily townhouse.
This mortgage provided the new owners with funds to satisfy the tax liens subject to which they had acquired the property. In addition, the loan, with an interest rate that floats above prime, will provide funds to buy out and to relocate existing tenants, as well as construction funds to allow the developers to build-out a triplex apartment, which will create even more value.
During the construction phase the building's cash flow will, of course, be very limited, accordingly we have structured an interest reserve into the proceeds. After the renovations are complete and the property is fully cash-flowing, the loan will convert from a full-recourse loan to a straightforward, non-recourse mortgage.
The mortgage is for a term of two years. It is priced at prime plus 1% and does not have any pre-payment penalty. The loan closed on Feb. 9.
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