Printer Friendly

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, the Internet affiliate of The New York Mortgage Company.
COPYRIGHT 2004 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Finance: real estate
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 3, 2004
Previous Article:Conference celebrates $11B industry.
Next Article:$25m loans aid NYC redevelopment projects.

Related Articles
Financing available in cautious 90's.
Lending to developers when others won't.
Newmark unveils mortage subsidiary.
Ackman-Ziff Real Estate Group, San Diego-based firm merge.
Insignia forms new division.
Seniors buy midtown plot.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters