$2,400,000 Bridge Loan
Central Harlem, Manhattan, NY
6,257 Square Feet
July 2016 – Avant Capital Partners originated a first mortgage loan in the amount of $2,400,000 secured by a two-unit, 17 foot wide 5-story brownstone containing a net sellable area of 6,257 square feet. The Borrower acquired the Property and gut renovated the building, segregating it into two condominium units: a duplex garden level unit and a multiplex unit of 4 stories.
The Loan refinanced existing debt, and provided cash- out to the Borrower. The short term Loan represents 34% of Avant’s net underwritten value of $7,000,000 for the property.
The Property enjoys an excellent location in Manhattan’s Central Harlem neighborhood, near Morningside Park and Central Park, convenient to two subway stops. The neighborhood is characterized by trendy retail and food establishments classic Harlem charm. The general area has seen an increase in property values on account of its popularity with young professionals, recent graduates, and families with young children.