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Portfolio Of Properties – New York City And Upstate New York
$11,500,000 bridge loan | Term: 1 year | Loan to value ratio = 54% |
 A blanket mortgage covering three adjacent Greenwich Village investment properties, two Chelsea penthouse apartments, a 14,000 sq. ft. Chelsea commercial building, and an estate on 200+ acres of land on the Hudson River in Upstate New York. The surplus proceeds of our bridge financing will pay for extensive renovations to several of the properties, satisfy various obligations and establish a payment reserve. The Borrower expects to sell several of the real estate assets over the next year. Our bridge loan will solve the Borrower's short-term cash flow problems. This 54% loan-to-value blanket mortgage is enhanced by a strong personal guarantee from the Borrower.
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Industrial Property – Red
Hook, Brooklyn, NY
$1,025,000 first mortgage loan
| Term: 18 months | Loan to value ratio = 65%
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Partially owner-occupied 22,500 SF one-story
industrial building in Red Hook, Brooklyn. Owner
occupies 8,600 SF, runs a contracting/woodworking
business and has 2 tenants, 1 with 7,500 SF paying $52,800 per year and the other with
6,400 SF paying $37,800 per year. Roof and
sprinkler systems have just been upgraded utilizing
the loan proceeds. Borrower was seeking to inject
working capital into his business and to improve
his credit profile during the loan term. Borrower
plans to refinance before the end of loan term
with conventional bank financing. The interest-only
loan is being personally guaranteed by the principal.
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| Restaurant/Lounge – Sag
Harbor, Long Island, NY
$1,100,000 first mortgage loan
| Term: 1 year | Loan to value ratio = 44%
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11,000
SF mixed-use property (primarily an 8,000
SF restaurant/lounge) facing the
marina front in Sag Harbor, Long Island. This
prime Hamptons property (both the real estate
and the operating entity) was purchased for $2,500,000
in August 2003. It is owner-occupied and the
three principals have strong personal guarantees.
The owners derive additional income from apartment
rentals and several caterers’ off-season
use of the 2 professional kitchens. The borrowers
plan to resolve various violations during the
course of this year (for which the Fund is escrowing
$50,000), and then to refinance with a conventional
institution.
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Historic Brownstone
Renovation - West 132nd Street, Harlem, NYC
$500,000 first mortgage loan |
Term: 1 year | Loan to value ratio = 59%
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An acquisition/construction loan for two active
real estate investors who were fortunate to purchase
this already partially renovated 3,932 SF
Harlem Brownstone from an estate. A quick closing
was essential for them, thus the Fund was the
right solution. The property was appraised on
an as-completed basis. W Financial is holding
a $200,000 construction reserve, which will be
released during the term of the loan as the renovation
proceeds with requisitions subject to the review
and approval of our construction consultant.
The loan was personally guaranteed by the principals
who plan to renovate, market and sell this property
within one year.
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Condominium conversion
- West 20th Street, Chelsea, NYC
$625,000 second mortgage loan
| Term: 1 year | Loan to value ratio = 30%
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This
second mortgage was placed on a 9-unit rental
property being converted to a condominium. Winter & Company
originally arranged the first mortgage to finance
the developer's acquisition back in 2000. The
developer will use the loan proceeds to finish
the units and to provide a down payment for another
conversion project. We will initially have a
second mortgage on the entire building. Within
a short time, the current first mortgage will
be refinanced and then once the condominium plan
becomes effective and separate tax lots are created,
we will have a first mortgage on three of the
condominium units, including 2 newly constructed
penthouse units. At all times, the total loan
to value ratio will be less than 50%. As the
condominium units are sold, the sale proceeds
will be utilized to repay the loan.
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Golf Course construction
- Connecticut
$350,000 second mortgage
loan | Term: six months | Loan to value
ratio = 28%
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This
is a second mortgage on a 377-acre, nearly completed,
Tom Fazio-designed golf course in
northwest Connecticut. The Fund is also secured
by a first mortgage on a key 13.5-acre parcel,
which is crucial for the permitting of the clubhouse.
167 of 300 memberships (which are currently selling
for $115,000 each) have already been sold, and
our affiliate, Winter & Company is arranging
a new $6 million first mortgage with a Connecticut
bank. This bridge financing will expedite the
completion of course construction and then will
be repaid within several months when the new
first mortgage closes.
For
more information about bridge loans visit: www.w-financial.com |
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