Short Term Capital funds $2.5m bridge loan for development of mixed-use

Hempstead, NY Short Term Capital funded a $2.5 million bridge loan to facilitate the purchase of a commercial building.

The existing building on the site will be demolished to make way for a new mixed-use rental development, 108,000 s/f consisting of 96 residential units with ground-floor retail. The project is designed to include a comprehensive amenity package featuring a fitness center, community room, resident lounge, game room, and rooftop seating area.

“The borrower was in contract to purchase the property and needed to close quickly while final approvals for a mixed-use development site are still in progress,” said Short Term Capital’s Mary Guarino. 

“With timing critical, we were able to move efficiently and execute, allowing the borrower to close without delay.

The 12-month term, interest only loan, has an option to extend for another six months.