Deal Details
Private Loan Type
Purchase
Approx. Funding Date
06/15/2016
Property Type
Multifamily
Property City
Brooklyn
Property State
NY
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$3,400,000
Loan-to-Value
58%
Deal Summary
Ontario Wealth Management Corporation, a Toronto-based commercial real estate loan origination and servicing company, funded a $2,000,000 1st lien position bridge loan for the acquisition of a 4-story, 16-unit walk-up apartment building in the Crown Heights neighborhood of Brooklyn, NY. The purchase price was $3.4MM so the loan-to-cost is 58%, and the loan term is 24 months. This CRE purchase bridge loan was funded in June 2016.