Lancewood Capital Finances an Acquisition and Renovation in the East Village
Lancewood Capital announced today that it provided a $5,200,000 bridge loan to finance the acquisition and renovation of a mixed-use property in the East Village of Manhattan.
NEW YORK, Nov. 5, 2018 /PRNewswire-PRWeb/ -- Lancewood Capital announced today that it provided a $5,200,000 bridge loan to finance the acquisition and renovation of 317 East 5th St, a mixed-use property located in the East Village of Manhattan.
The 8,100 sf mixed-use property is currently demised as a blend of multifamily units above ground floor commercial units. The property also features a 2,000 sf rear courtyard. The buyer, Penn South Capital plans to immediately renovate the vacant units. The apartments will feature high-end finishes and will cater to NYU students and faculty. A representative from Penn South Capital said "We are excited about starting this project and we are confident in the demand for renovated apartments in the area. We also plan on being extremely respectful to the existing tenants in the building." When asked about the financing, the representative said "Lancewood was able to meet our timing needs while providing bridge financing with the most competitive terms."
The transaction was structured by Lancewood Capital's Justin Godner. "We are confident in the sponsor's ability to successfully complete the project and we are excited about our ability to provide very competitive terms for NYC-based renovation projects" said Godner. He highlighted that the transaction was executed at a sub-7% rate and also included a significant capital allocation towards construction.
Lancewood Capital is a commercial real estate bridge lending platform capitalized by a large New York- based family office. The firm has completed transactions in nearly every major metropolitan city and focuses on $1,000,000 - $25,000,000 transactions. Property types financed include multifamily, office, retail, mixed-use and light industrial properties. The lending program focuses on acquisitions, refinance, renovation, value-add and lease-up opportunities. Lancewood's unique capital structure enables quick and competitive bridge financing solutions while providing certainty of execution to all parties involved.
The platform has grown significantly over the previous twelve months under the management of Tino Martins, a former employee of Ellington Management Group. The company is headquartered in Westchester County NY and also has an affiliate office in Midtown, Manhattan
SOURCE Lancewood Capital, LLC
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