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Bridge Loan Enables Refi of Lexington Avenue Lots
ERG Commercial Real Estate brokered a $7.5-million bridge loan to allow the borrower, Skyland Management, to refinance existing debt on three adjoining vacant Manhattan lots. The consecutive lots, 120-124 Lexington Ave., totaling 4,647 square feet, sit on the corner of East 28th St. and Lexington Ave in the Kips Bay neighborhood. The vacant development site allows for roughly 32,000 buildable square feet. Tentative plans call for constructing a mixed-use condominium building.
“The primary focus of the borrower was to secure enough proceeds and refinance his existing debt,” said ERG’s Salvatore Iuvara. “We were able to structure a one-year, interest-only mortgage loan to give the borrower the ample time he needs to move forward with the property and accomplish his goals.”
Iuvara and ERG’s Ryan Lewis handled the transaction between Skyland Management and the private lender, a local family office.
Where is capital being sourced, and what risks are being taken in the current market? Learn from local and national finance leaders about how deals are getting done in the Tri-State Multifamily market. Don’t miss this opportunity at Connect Tri-State Multifamily on October 1 at Tishman Speyer’s Studio Gather, 45 Rockefeller Center.
- ◦Financing
