Saferstein of Titan Capital structures $2.2 million loan for 939 Summit Avenue

Titan Capital, ID LCC, a Westport, Conn.-based direct private real estate lender with offices in Manhattan and Miami Beach, has funded a $2.2 million development construction loan located at 939 Summit Ave. The property is currently improved by a 970 s/f single-story parking garage set atop a 9,037 s/f lot. Currently a vacant former parking lot, the borrower intends to construct four, eight-family apartment buildings totaling 31,000 s/f. This property is in a location being served by the 4/B/D subway lines at Yankee Stadium as well as multiple bus stops and the Yankee Metro North train station and has easy access to I-87. With more than 50 years of collective experience, access to capital and creativity, Titan was able to fund the loan allowing the developer to secure maximum proceeds in market-rate, contraction construction financing for the acquisition and completion of the project. David Saferstein of Titan structured the financing.