$10M city condo deal.Wrightwood Capital has provided $10,800,000 to finance the acquisition of a condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. project in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York. The property is an eight story residential building that has been converted into a high-end loft condominium residence. There are a total of six residential units with a common elevator. There are 4 units with two bedrooms and three bathrooms, one unit is a triplex triplex /tri·plex/ (tri´pleks) triple or threefold. triplex triple or threefold. with three bedroom and three bathrooms, and the last unit, the penthouse penthouse Enclosed area on top of a building. A penthouse can be an apartment on the roof or top floor of a building or a structure on the roof housing the top of an elevator shaft, air-conditioning equipment, or stairs leading to the roof. , is a duplex with three bedrooms and two bathrooms and two outdoor patios. "With very few of the new construction projects ready for occupancy, we feel that given the demand in Manhattan for these types of residences, this building is well situated, at almost full completion, to take advantage of the current opportunity in the market, indicated Frank Sullivan, Eastern Regional Director. The borrowers have been active in the New York market, primarily in residential projects, for the last ten years. They have extensive experience with the assembly of and city approval process for residential development in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Wrightwood Capital structured a 12 month term acquisition loan. This represents the first transaction between the borrowers and Wrightwood Capital. This transaction was originated out of Wrightwood Capital's New York City office and arranged by Mark Niman of Cooper-Horowitz's New York office. |
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