Development & Rehabilitation
New York, NY
Located at 211 & 213 East 2nd Street in NYC. The buildings were partialy completed however the borrower was having difficulty with his construction lender. NY Urban took out the 1st mortgagee and funded the remainder of the project. During the loan term, the borrower filed for bankruptcy; NY Urban took back a deed in lieu and completed the project. Units were sold for $2,100,000 & $2,300,000.
East Hampton, NY
Located at 276 Abrahams Path in East Hampton, the borrwer secured the land and entitlements before contacting NY Urban for a construction loan for the 6,000 SF luxury vacation home in the amount of $1,275,000. The borrower started construction prior to closing in September 2014 and eventually sold the luxury home in June of 2015 for $2,800,000.
NY Urban provided to the borrower $1,000,000 in mezzanine capital in April of 2016. The proceeds were used for the acquisition of the partially vacant industrial property. The borrowers arranged for a 1st mortgage through a local savings bank in the amount of $6,700,000