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Interim financing right for developer.

Harvey Rottenberg, principal in NYMC Capital Corp.has arranged $2.287 million in interim financing for the acquisition of a partially vacant residential building on West 74th Street in Manhattan.

The building is slated for renovation and conversion to condominiums.

Mr. Rottenberg says the one-year loan, placed on behalf of a Virginia-based developer, was priced 225 basis points over the one-month London Interbank Offered Rate, or LIBOR.

He says the developer, who has prior experience in the New York market, took the interim financing approach because he "required time to complete negotiations for the buyout of an existing tenant before determining the project's final configuration."

NYMC Capital Corp. provides interim financing of up to 75% of acquisition price, for up to five years with no exit fee, to experienced developers who wish to renovate or reposition property but are not yet prepared to proceed with construction or permanent financing.

The West 74th Street loan was originated by Sivan Achor of Mortgageline.com, the Internet affiliate of The New York Mortgage Company.
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Title Annotation:Finance: real estate
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 3, 2004
Words:171
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