Queens, NY Trevian Capital, a direct lender that provides flexible and reliable short-term bridge loans for multifamily and commercial real estate opportunities nationwide, recently funded a $6.45 million first mortgage bridge loan secured by a 97% complete, 10-unit boutique residential condominium in the Astoria neighborhood. The borrower anticipated construction completion in the summer of 2020, but COVID-related construction and supply chain delays led to schedule overruns and cost increases. Trevian’s loan paid off the maturing construction loan and funded final cosmetic finishes, accounts payable, and an interest reserve.
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