Avant Capital originates $3.1 million bridge loan for Sutton Place project

Avant Capital Partners has originated a $3.1 million bridge loan secured by a unique 25 x 100-ft. lot located at 308 East 59th St. in the Sutton Place neighborhood. The interest only 12-month loan carries an interest rate of 10%, refinanced the first mortgage and provided predevelopment funding for the project sponsor. The loan originated by Avant will allow the project sponsor to seize a unique condo development opportunity, as the lot contains 27,500 s/f of air rights and stunning views of the East River and Midtown. Adam Luysterborghs, founding principal of Avant said, "Small, unique properties are often overlooked in the crowded New York real estate scene. This is where we have found our niche, successfully executing on several transactions that fit this profile. We typically finance the development or redevelopment of projects from $1 million to $10 million throughout all of New York City's boroughs." "The rapid recovery of the New York City condominium market continues to outperform expectations. Bidding wars are not uncommon and buyers are anxious for new condominium construction to hit the market," said Luysterborghs. According to research published by Douglas Elliman, in the 3rd quarter of 2013, sales surged to their highest level since 2007; the volume of sales increased by 30% over the same quarter in 2012, while inventory was down nearly 22%. Avant is a commercial real estate bridge lending firm. Avant provides bridge or interim loans for stabilized and in-transition investment properties in the northeast corridor from Washington, D.C. to Boston but with a focus upon the New York metropolitan area. Avant's bridge program is geared towards assisting developers capitalize on time sensitive and other non-bankable transactions that require flexible financing. AVANT's origination and underwriting process protects the interests of its investors and partners, while also providing flexible capital solutions to borrowers and referral sources. For more information on Avant Capital Partners, please visit the firm's website at www.avant-capital.com.