Wrightwood Capital provides $15m to finance Park Ave. condominiums

1055 Park Avenue - Manhattan, NY

Manhattan, NY Wrightwood Capital has provided $15 million to finance the construction of a condominium building.

Located at 1055 Park Ave., the property is a condominium development project with more than 16,000 s/f. The sponsor plans to construct a 12-story building with an elevator and eight individual units, along with an additional living space for the building superintendent. The two and three-bedroom condominiums will have outdoor terraces, among other amenities. The building will have a glass exterior, allowing for natural light, as well as basement level space, which will include a library, bar, and sauna. Situated on the corner of Park Ave. and East 87th St., the property will benefit from nearby access to various boutiques, the Metropolitan Museum of Art, Central Park, schools, and public transportation.

"Located among the most prestigious addresses in Manhattan, the property is attractive to buyers looking to purchase a home without having to go through the lengthy co-op process," said Dan Hartman, senior director, investments, in Wrightwood Capital's Norwalk office.

The sponsor, Davis Development Holdings, LLC, is a multifamily real estate developer in New York, with an expertise in apartment developments. This represents the first transaction between Wrightwood Capital and the sponsor. The opportunity was sourced through Sam Spinner and Laurie Shapiro of Meridian Capital's New York office. Wrightwood Capital structured a 30-month loan.

Entrepreneurially driven and institutionally capitalized, Wrightwood Capital helps commercial real estate borrowers nationwide exploit opportunities through creative capital solutions that include bridge, construction and mezzanine loans, as well as equity and other innovative financial products. With a history of helping customers prosper through market ups and downs, Wrightwood Capital's track record includes over 450 financings to more than 200 borrowers nationwide and totals more than $4 billion.