Property Type: Office Building Loan Amount: $3,700,000 Initial Funding with Holdbacks of $900,0000,Plus a $575,000 Mezzanine Loan Loan Type: Bridge Loan and Mezzanine Financing
Transaction Summary: New York Commercial Lending arranged bridge and mezzanine financing on a vacant Class B office building. The loan was structured with a 2-year, interest-only debt and mezzanine loan and provided overall leverage of approximately 93%against the as-complete value of the project. (The loan-to-value drops to 80% upon stabilization.) The 2-year facility provided the borrower with sufficient time to retenant the property and reposition it for sale or refinance. The lenders exit strategy was the sale of the building.