Short Term Capital Provides $5M to Acquire Midtown Office Building
Short Term Capital, a New York-based family office, has provided a $4.5 million one-year interest-only acquisition loan for a five-story office building in Midtown.
Located at 150 W 36th St, the building spans 13,000 square feet with ground-floor retail. The private investor borrower had a contract to purchase the building for $6.5 million from Falcon Properties, with the property’s air rights sold separately to a neighbor for $1 million.
“Although the borrower would have qualified for traditional bank financing, he needed to close quickly on the purchase which is why he came to us,” said Mary Guarino of Short Term Capital. “His number one priority was speed and we assured him that we could successfully meet their deadline to close. We closed in three weeks and the borrower was extremely happy.” Short Term Capital also engages in the purchase of non-performing mortgages.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.