Midtown Office Building
Short Term Capital has funded a $4.5 million one year interest only acquisition loan secured by a five-story Midtown office building.
The 13,000 sf building with ground floor retail is located in the Garment District of Manhattan.
The borrower, a private investor, was in contract to purchase the building for $6.5 million. The property air rights were stripped and sold separately to the neighbor for $1 million.
“Although the borrower would have qualified for traditional bank financing, he needed to close quickly on the purchase which is why he came to us. His number one priority was speed and we assured him that we could successfully meet their deadline to close. We closed in three weeks and the borrower was extremely satisfied” said Mary Guarino of Short Term Capital.
- $4,500,000Amount
- New York, NYPlace
- August 2023Year
- Acquisition LoanType
