New York, NY (PRWEB) March 22, 2013
Berko & Associates Finance & Capital Markets Group, led by President Joe Berko, and Finance Director Michael Korine, procured a $10 million bridge financing for Ladera Development for a 200,000 square foot development site assembly along Saint Nicolas Avenue in the West Harlem Section of New York. The newly placed bridge loan is meant to refinance an existing loan, as well as provide capital to acquire air rights from five adjacent properties. Mr. Korine said, "We were able to navigate this transaction due to our relationships with international funds, giving us an advantage when seeking financing for even the most complicated of transactions."
This transaction is the first of a two-phase process; the developer plans on acquiring an adjacent lot in order to maximize the potential of his existing site. "We represented a quality developer who completed some of the largest and most luxurious residential projects in West Harlem", said Joe Berko. "The site is very well positioned several blocks from the express trains along 125th Street, the A Loft Hotel, Magic Johnson, and Apollo theaters. The assembly, previously a gas station, received brown field tax credit incentives that helped enhance its value. "