$4,550,000 Bridge Loan
Upper West Side, Manhattan, NY
16,700 Square Feet
March 2016 – Avant Capital Partners originated a first mortgage loan in the amount of $4,550,000 secured by a ten-unit multifamily property containing a net rentable area of 16,700 square feet. There are six free market units in the process of being gut renovated into luxury apartments; and four rent regulated units that are also being renovated.
Proceeds from Avant’s loan will be used, principally to refinance existing debt and provide funds to complete the renovation of the Property. The Loan basis is $272 per net rentable square foot, representing 61% of the property’s market value.
The Property enjoys an excellent location in Manhattan’s Upper West Side neighborhood, an affluent, primarily residential area characterized by distinctive architecture and a quiet residential atmosphere. Residential units in the Upper West Side are in high demand, as the neighborhood is among the most supply-constrained in Manhattan, with limited availability of new product. Columbia University is located nearby and expected to become a major demand driver for rental apartments.