Bridge Loan for Multifamily in Glen Cove, New York

Deal Details

Private Loan Type

Residential Ground-Up Construction

Approx. Funding Date

06/03/2022

Property Type
Community Center
Condominium
Multifamily
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 Highlights

Bridge Lending
Senior Living Community
Construction Loans

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