Loan Type : Acquisition
Loan : $12,100,000
A 12,100,000 non-recourse construction loan for the acquisition and redevelopment of an existing commercial building in the Tribeca neighborhood of Manhattan, into a “VRBO style” extended stay property. The non-recourse loan features a 12-month term at 725 basis points over 30-day LIBOR. The loan was underwritten to 75% of total project cost and 65% of stabilized value and the borrowers were foreign nationals who never done a project in the US.