ERG Commercial brokers $7.5m loan for Skyland Management

Manhattan, NY ERG Commercial Real Estate brokered a $7.5 million bridge loan to allow the borrower, Skyland Management, to refinance existing debt on three adjoining vacant lots.

The consecutive lots, 120-124 Lexington Ave., totaling 4,647 s/f, on the corner of East 28^th St. and Lexington Ave. in the Kips Bay neighborhood. The vacant development site allows for 32,000 buildable s/f with tentative plans to construct a mixed-use condominium building. 

ERG’s Salvatore Iuvara and Ryan Lewis handled the transaction between Skyland Management and the private lender, a local family office. 

“The primary focus of the borrower was to secure enough proceeds and refinance his existing debt,” said ERG's Salvatore Iuvara. “We were able to structure a one year interest only mortgage loan to give the borrower the ample time he needs to move forward with the property and accomplish his goals.”