W Financial provides $7 million bridge loan to facilitate office condo acquisition

W Financial has provided a $7 million Bridge Loan to facilitate the timely acquisition of a full-floor office condominium in a 14-story, 296,555 s/f office building on Montague St. in the Brooklyn Heights neighborhood. In addition to a first mortgage on the unit being purchased, W Financial's collateral also includes second mortgages on several other commercial condominium units owned by our borrower in the building. W Financial's loan also helped to facilitate a partner buyout. The borrower is an experienced owner of commercial real estate. He plans to renovate and sell three of his full-floor units, and to then obtain conventional financing to refinance our bridge loan. Although the credit-worthy borrower had bank term sheets in hand, he required much faster turnaround than banks can possibly offer. The borrower chose W Financial based on its reputation for delivering dependable and rapid execution.