Case Study: $35MM Development Site | Acquisition | New York, NY
Structured and arranged a high-leverage, short-term bridge loan to capitalize a joint venture formed to acquire an 87,000-square-foot development site located near the United Nations in Midtown Manhattan.
The land contributed into the partnership was owned by the government of Senegal, which faced a lawsuit that threatened to derail the closing process as settlement was necessary to release the subject site. Additionally, new ownership was seeking a quick close utilizing non-recourse bridge financing.
Identified a creative lender who was able to get comfortable with the ownership structure, the underlying asset and market value of the property.