Winter & Company Commercial Real Estate Finance has closed an $11 million leasehold acquisition loan for a mixed-use property consisting of multifamily, retail and garage, in the midtown area. The time-sensitive loan was closed within one week of Winter & Company receiving the assignment.
The first priority leasehold mortgage carries an interest rate of 5.5% and is subject to a ground lease which will reset in nine years. A regional bank provided financing for this deal.
The client, an active real estate investor, purchased this property from out of bankruptcy, and a quick close was essential to the success of the project. Tags: