{"id":184,"date":"2020-10-21T18:32:33","date_gmt":"2020-10-21T18:32:33","guid":{"rendered":"http:\/\/winter.think33.com\/?post_type=deals&p=184"},"modified":"2020-10-21T18:32:33","modified_gmt":"2020-10-21T18:32:33","slug":"28286710-in-debt-and-equity-financing-for-the-acquisition-and-development-of-large-luxury-condominium-units-with-indoor-parking-on-leonard-street-in-tribeca","status":"publish","type":"deals","link":"https:\/\/www.winterandcompany.com\/deal\/28286710-in-debt-and-equity-financing-for-the-acquisition-and-development-of-large-luxury-condominium-units-with-indoor-parking-on-leonard-street-in-tribeca\/","title":{"rendered":"$28,286,710 in debt and equity financing for the acquisition and development of large, luxury condominium units with indoor parking on Leonard Street in TriBeCa"},"content":{"rendered":"\n

Winter & Company has closed $28,286,710 in debt and equity financing<\/strong> in connection with a multi-phase transaction to acquire, design and build a six-unit, amenity-rich, luxury condominium development on a quiet street between West Broadway and Hudson Street in TriBeCa, NYC.<\/p>\n\n\n\n

Initially Winter & Company arranged a $6,000,000 bridge loan<\/strong> to facilitate the $10,000,000 site acquisition<\/strong>. The acquisition\/bridge loan carried a rate of 4.5% and a term of 24 months, interest-only<\/strong>. Then, during the time that the project was being designed and presented for approvals to the D.O.B. (the NYC Dept. of Buildings) and the LPC (the Landmarks Preservation Commission), Winter & Company sourced a Joint Venture Equity partner, adequately capitalizing the project and allowing the developer to recover the majority of his original equity contribution.<\/p>\n\n\n\n


The $20,000,000 construction loan<\/strong> carries a rate of 4.5% and a term of 24 months. As is typical in today’s development deals, the construction loan equates to a loan-to-cost of approximately 63% and is personally guaranteed by a developer with strong net worth, liquidity and a track record of relevant experience of building, and successfully selling luxury property in TriBeCa, NYC’s priciest zip code.
<\/p>\n\n\n\n

The joint venture equity partner sourced by Winter & Company made an initial equity contribution to the Venture of $8,286,710<\/strong> and adds bandwidth to the project’s sponsorship<\/strong> both in terms of financial strength and experience. While this project aims at the ultra-high end, $2,500+ per square foot market, there is far more demand than supply in this rarified market segment<\/strong>, and the developer has proven that he knows how to deliver the correct design, finishes and amenities needed to complete construction and successfully sell at that level.<\/p>\n\n\n\n

Winter & Company is a Manhattan-based, commercial mortgage advisory firm that specializes in arranging development and construction financing<\/strong>, financing for multifamily and mixed-use properties<\/strong>, and arranging cooperative underlying mortgages<\/strong>. Its affiliate, W Financial Fund, LP<\/a> is a direct private bridge lender <\/strong>providing short-term, special situation financing<\/strong> primarily for NYC multifamily and mixed-use properties.<\/p>\n","protected":false},"excerpt":{"rendered":"

Winter & Company has closed $28,286,710 in debt and equity financing in connection with a multi-phase transaction to acquire, design and build a six-unit,…<\/p>\n","protected":false},"featured_media":0,"template":"","deal-category":[2],"acf":[],"yoast_head":"\n$28,286,710 in debt and equity financing for the acquisition and development of large, luxury condominium units with indoor parking on Leonard Street in TriBeCa - Winter & Company<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.winterandcompany.com\/deal\/28286710-in-debt-and-equity-financing-for-the-acquisition-and-development-of-large-luxury-condominium-units-with-indoor-parking-on-leonard-street-in-tribeca\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$28,286,710 in debt and equity financing for the acquisition and development of large, luxury condominium units with indoor parking on Leonard Street in TriBeCa - 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