Jeffrey Wolfer, Silver Arch Capital PartnersBrooklyn, NY Silver Arch Capital Partners has completed a $2.2 million loan secured by a three-unit brownstone building at 18 Willoughby St., according to Jeffrey Wolfer, president of the Hackensack, NJ-based private lender. With the 24-month funding, borrower, Restoration Properties, was able to refinance existing debt on the property, as well as fund reserves and closing costs.
“This is a good quality piece of real estate that would typically be financeable with a conventional lender,” said Wolfer. “The borrower approached us because we were fully prepared to put our hands around credit issues that conventional lenders might avoid. In this instance, we were prepared to assist the borrower so that he can go back out into the conventional market.”
The property is situated in the Fort Greene neighborhood, known for its tree-lined residential streets and brownstones, as well as a vibrant retail and entertainment scene.
18 Willoughby Street - Brooklyn, NY“The highest and best use of a three-family brownstone such as this one would be for owner occupancy of the ground-level unit, and renting the other units for additional income,” said Wolfer.
“For Silver Arch, from a general perspective, our focus is that if the asset is particularly strong, we are willing to make a loan and help out in any event,” he said.
Silver Arch Capital Partners is a leading nationwide private lender to the commercial real estate market, specializing in bridge loans to owners, investors and developers in need of funding outside the scope of traditional banks and lenders. Formed with the mission to assemble the most highly creative minds in real estate lending under a single banner, the firm recognizes the importance of access to capital in turbulent times. Its partners, who have closed over $2 billion in loans, have the knowledge and insight to guide a borrower through the entire loan process, from initial review through closing.
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