Bridge Loan for 16-Unit Multifamily Acquisition in Brooklyn, New York

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. 

Funded By

Ontario Wealth Management Corporation

Direct Lender for Commercial Real Estate Bridge Loans