Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
01/01/2020
Property Type
Condominium
Property City
Brooklyn
Property State
NY
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Neighborhood
East Flatbush
Building Square Footage
8,300
Deal Summary
Ontario Wealth Management Corporation, a Toronto-based commercial real estate loan origination and servicing company, funded a $3,700,000 1st lien position private construction loan for a condominium building in Brooklyn, NY. Owemanco provided construction financing for the development of an 8,300-square-foot, 4-story residential condominium building in the East Flatbush neighborhood of Brooklyn, NY. The loan was additionally secured by a 3-story multi-family walkup apartment building adjoining the development. This CRE private construction loan was funded in January 2020.