Manhattan Bridge Lenders for Commercial Real Estate
A list of bridge loan lenders for commercial real estate throughout Manhattan, NYC - Midtown, Harlem, SoHo, Tribeca, Upper West Side, Chelsea, Lower East Side, Greenwich Village and other neighborhoods. The lenders in our directory offer bridge loans for a variety of CRE financing, including: acquisition, refinance, cash out, redevelopment, repositioning, recapitalization, 1031 exchange, discounted payoff (DPO), note purchase and other deal types.
In July 2020, BridgeCore Capital closed a $16.5MM bridge loan for the acquisition of two contiguous mixed-use buildings in the Greenwich Village neighborhood of Manhattan, New York City. The Borrower required a non-recourse private loan to purchase the properties that contain 72 multifamily units and ground floor retail. The apartments are 53% vacant, and the retail space is 100% vacant at purchase. BridgeCore’s 24-month term, including two six-month extension options, is providing the borrower 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. Our competitively structured loan terms allowed the borrower to quickly execute on the purchase of a transitional asset when conventional financing has not been readily available during the current COVID-19 economic environment. 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. BridgeCore employed its decades of experience and innovative strategies to solve the borrower’s array of unique challenges, securing highly competitive loan terms and closing within a tight time frame on a “sign and close” purchase transaction.
Bridge Loan for Manhattan NY Mixed-Use Property Acquisition
BridgeInvest recently funded a $12MM bridge loan for the acquisition of two adjacent, mixed-use buildings in Manhattan’s East Village. Both buildings of the property are comprised of ground-floor retail units with full-floor residential units on the upper levels. The loan was structured to provide the borrower with maximum leverage while also managing cash-flow as the property is brought to stabilization through improved operational efficiency. The loan allows BridgeInvest to release certain portions of the collateral as the sponsor successfully executes specific aspects of the business plan. The sponsor intends to use loan proceeds to improve operational efficiency of the property while also considering future physical improvements to capture the asset’s potential upside. This deal marks BridgeInvest’s first loan in New York City, and it was funded in January 2020.