New York & Tri-State + Downtown New York + Finance | April 27, 2022

Lancewood Capital provided an $8-million bridge loan to the sponsor of 271 W. 11th St. in Manhattan's West Village

Lancewood Capital Furnishes Bridge Loan on West Village Multifamily

Lancewood Capital, a Greenwich, CT-based family office, provided an $8-million bridge loan to finance a multifamily building in Manhattan’s West Village.

Currently on the market for $29.9 million, the property is located at 271 W 11^th St. It’s configured as 12 free-market units: five studio apartments, four one bedrooms and three two bedrooms.

Lancewood Capital was able to provide the sponsor with interest-only financing at a near-bank rate while closing in 10 days. The financing provides the sponsor with additional time to market the property.

“This five-story West Village property is a great candidate for a conversion to a single-family townhouse and is just moments from some of the best restaurants, parks, and boutiques that New York City has to offer,” said Lancewood’s Matt Schatzle, who structured the loan investment on the sponsor’s behalf. The building also features a large backyard lot/garden.

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Inside The Story

Lancewood's Schatzle

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).