$2,310,000 Bridge Loan
Central Harlem, Manhattan, NY
13,000 Square Feet
May 2016 – Avant Capital Partners acquired a performing first mortgage loan with an outstanding principal balance of $1.983 million, secured by a first mortgage on a six-story mixed-use property with sixteen residential apartment units and a ground-level retail space, that is 90% occupied. Some of the units will undergo renovations.
Avant acquired the Loan at a 9% discount to par value with a Loan Investment Basis of 58% of Avant’s valuation of the underlying collateral.
The Property enjoys an excellent location in Central Harlem, an area featuring numerous retail stores, quick-service restaurants, and service providers. Adjacent streets to the Property are well-maintained, late 19th century brownstones, all with convenience of the subway station and Metro North Station at 125th Street.