$7,100,000 Bridge Loan
Union Square, Manhattan, NY
6,313 Square Feet
Avant Capital Partners has originated a loan in the amount of $6,750,000 secured by a first mortgage on a multifamily rental building located in the Union Square area of Manhattan compromising seven apartment units that are currently vacant. The Property also contains 2,000 square feet of vacant ground-level retail space. Loan proceeds will be used to refinance existing debt, fund unit renovations, tenant improvements and related expenses. The short-term Loan represents 75% of Avant’s underwritten as-is value for the building.
The Union Square submarket of Manhattan, a 9-acre area is bound by East 18th Street to the north and East 14th Street to the south; and from 5th Avenue to the west and Irving Place to the east. The densely populated area is known for a high concentration of retail stores, restaurants, and entertainment options. The site is near the 14th Street – Union Square subway stop. With over 35 million passengers annually, the Union Square stop is the fourth-busiest station of the New York City Subway.