Romer Debbas, LLP’s commercial lending group recently handled a loan closing for a prominent regional bank for a $13,250,000 construction loan to finance the development of a seven (7) story, mixed-use building, comprised of a 536 SF retail unit and 25 residential units (including 8 affordable housing units) across 16,743 SF of total rentable space, in Manhattan. The loan consisted of a $3,350,000 first mortgage land loan, $8,650,000 building loan and $1,250,000 project loan with a conversion to permanent financing option. The land loan was utilized for payment of closing costs and equity recapture. The building loan was utilized for future advances of hard costs. The project loan was utilized for future advances of soft costs.
This transaction was handled by partners Guy Arad, Esq. and Alison Weisman, Esq.