)
Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
06/03/2022
Property Type
Property City
Glen Cove
Property State
NY
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Completed Value
29%
Location Type
Suburban
Exit Strategy
Pay Down
Deal Summary
Ontario Wealth Management Corporation funded a US $6,500,000 revolver for purposes of completing the construction of a 72-unit senior living community. The development is situated on a 5.50-acre parcel in Glen Cove, New York, an affluent suburb on Long Island and features several amenities such as a clubhouse as well as a state-of-the-art gym. The site is 30 miles east of Manhattan and the immediate surrounding area is concentrated with restaurants and high-end shopping. The highly structured and modestly levered transaction carries a minimum interest earn provision with flexible repayment privileges.
Funded By
Ontario Wealth Management Corporation
Direct Lender for Commercial Real Estate Bridge Loans