Seniors buy midtown plot.Commerce Bank recently provided a $15 million bridge loan to Senior Living Options Inc. for the acquisition of a vacant plot of land at 1 East 35th Street in Manhattan Manhattan, indigenous people of North America Manhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). . The developer secured the interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. in order to build a residential development. The loan term is nine months. Commerce Bank continues to expand the range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. provided for real estate projects, and its lenders know intimately the risks and opportunities associated with the development, acquisition, construction, sales/leasing and financing of property. A significant component of the Bank's lending activity, Commercial Real Estate loans constitute approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. one-fifth of the Bank's total loan portfolio and increase 30% on average per year. Commerce Bank combines its community bank roots with the financial strength of a major regional bank to meet the diverse needs of commercial customers. |
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