Development & Rehabilitation
Jersey City, NJ
Located in the Heights section of Jersey City this 8 unit building was under construction when the borrowers requested additional funds for another Hudson County purchase. NY Urban lent the borrowers a mezzanine loan encumbered by this asset.
East Hampton, NY
Located on Sally's Path in East Hampton, the borrower secured the land and entitlements before contacting NY Urban in February of 2016 for a construction loan for the 6,000 SF luxury vacation home in the amount of $1,350,000. The luxury home sold in October of 2017 for $2,700,000.
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