$8,000,000 Bridge Loan
Lower East Side, Manhattan, NY
13,150 Square Feet
November 2015 – Avant Capital Partners originated a first mortgage loan in the amount of $8,000,000 secured by two mixed-use buildings in Chinatown. The first is comprised of three residential apartment units and two ground-level commercial spaces in adjoining buildings, one of which is listed in the National Register of Historic Places. The second includes twelve residential units and one commercial unit.
The Loan enabled the Borrower to satisfy existing debt, consolidating ownership interests. The short-term Loan represents 67% of Avant’s underwritten as-is value. The site also includes an estimated 6,858 square feet of excess development rights. There is strong demand for mixed-use properties in this sub-market, with residential and retail vacancy rates low. The two buildings are located in high traffic retail locations.