Hempstead Development

Short Term Capital, through an affiliate entity, has funded a $2,500,000 bridge loan to facilitate the purchase of a commercial building located in downtown Hempstead. The borrower was in contract to purchase the property and needed to close quickly while final approvals for a mixed-use development site are still in progress. With timing crucial, we were able to move efficiently and execute, allowing the borrower to close without delay.

The existing building on the site will be demolished to make way for a new mixed-use development, approximately 108,000 square feet consisting of 96 residential units with ground floor retail. The project is designed to include a comprehensive amenity package featuring a fitness center, community room, resident lounge, game room, and rooftop seating area.