Property Type: Retail Mall Loan Amount: $2,000,000 Initial Funding with Holdbacks of $6,000.000 Loan Type: Bridge Converting to Term Loan
Transaction Summary: New York Commercial Lending arranged financing for a borrower to convert an older, obsolete single story retail mall into a high-tech office space and call center space. As such, 100,000 SF of retail space was converted, while the remaining 40,000 SF will still be used as conventional retail. The mall already has a high parking ratio necessary for these types of business and was centrally located. The 2-year, interest only facility provided the funds necessary to modernize the building and complete the renovations, and also provided an interest reserve. Upon stabilization, the borrower will have the opportunity to earn out almost $3 Million dollars, thereby recycling its equity