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$17M Bridge Loan Secures Bronx Acquisition
VIS Capital Venture, LLC recently closed a 100% financing, lease option purchase commercial real estate transaction in the Bronx. The $16.7-million transaction secured a 504,000-buildable-square-foot property near Yankee Stadium.
VIS founder and principal Gerald G. Smith said, “At the height of the Covid-19 pandemic, we were able to put together a creative financing solution that allowed our client to purchase this property with 100% financing. With the demand for commercial space in the Bronx on the rise, the sponsor intends to develop this site to meet that need.”
The sponsor was on the verge of losing the option to purchase the property before contacting VIS. VIS structured a bridge financing solution and closed the transaction in three weeks.
Smith said VIS intends to continue “our efforts to ensure that the necessary capital is available as we work to reinvigorate the economy and provide financing solutions for our clients.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
