Hackensack, N.J., Feb. 19,
2025 /PRNewswire/ -- Silver Arch Capital Partners is
pleased to announce the successful closing of a $14,500,000 bridge loan on eight unsold
condominium units and 74 parking spaces. The loan, which has a
loan-to-value (LTV) ratio of 65%, is set for a term of one year
with extension options.
The borrower sought the bridge loan to refinance their existing
debt. "Given the unique nature of this property and the borrower's
needs, we were able to structure a loan that provides the necessary
flexibility and support," said Jeffrey
Wolfer, President and CEO of Silver Arch Capital Partners, a
Hackensack, New Jersey based
private lender.
The subject property, known as The Oosten, is an eight-story,
216-unit Class A condominium located in the southern part of the
Williamsburg neighborhood of Brooklyn. Boasting very large units and full
amenities, it was designed by renowned architect Piet Boon and
developed by the borrower in 2015. After successfully selling out
the rest of the building, the developer's remaining inventory
consists of eight residential condo units with a total net saleable
area of 24,799 square feet, along with 66 vehicle and eight
motorcycle parking spaces.
The collateral includes one two-bedroom unit, six three-bedroom
units and one six-bedroom unit, with an average size of 3,100
square feet. Property amenities feature two attended lobbies,
24-hour concierge service, indoor swimming pool, landscaped roof
deck, interior courtyard, children's playroom and a fitness
center.
About Silver Arch Capital Partners
Silver Arch Capital
Partners is a leading nationwide private lender to the commercial
real estate market, specializing in bridge loans to owners,
investors and developers in need of funding outside the scope of
traditional banks and lenders. Formed with the mission to assemble
the most highly creative minds in real estate lending under a
single banner, the firm recognizes the importance of access to
capital in turbulent times. Its partners, who have closed over
$2 billion in loans, have the
knowledge and insight to guide a borrower through the entire loan
process, from initial review through closing. For more information,
visit www.SilverArchCP.com.
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SOURCE Silver Arch Capital Partners
