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Brokerage
Posted: May 24, 2022
Lancewood Capital provides $8 million bridge loan
Manhattan, NY Lancewood Capital provided an $8 million bridge loan to finance a multifamily building in the West Village neighborhood.
“This five-story West Village property is a great candidate for a conversion to a single-family townhouse and is just moments from some of the best restaurants, parks, and boutiques that New York City has to offer,” said Lancewood’s Matt Schatzle. “It was a pleasure to work with this counterparty and I am glad we could provide them with an easy closing process and competitively priced short-term financing.”
Schatzle structured the loan investment for Lancewood Capital. The frim provided the sponsor with interest-only financing at a near-bank rate while closing in just 10-days. The financing provides the sponsor with additional time to market the property.
The multifamily building, which is on the market, is located at 271 W 11th St. It is configured as 12 free-market units: Five studios, four one-bedrooms and three two-bedrooms.
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