Silver Arch Announces $1.125 Million Refinance on New York Mixed-use
Property is situated in Manhattan’s Revitalized Harlem Neighborhood
Hackensack, NJ, September 06, 2013 – Silver Arch Capital Partners has announced the closing of a $1.125 million loan for 27 West 120 Street in New York City. The borrower, 200 Lenox Avenue, LLC, a special-purpose entity, will utilize the funding to refinance an existing first mortgage.
“This is a unique property situated in a Harlem neighborhood that has been rapidly revitalized, driven by federal and city policies,” said Jeffrey Wolfer, president of the Hackensack, NJ-based loan originator. “The loan will enable the borrower to position the property to repay the loan through conventional financing.”
The property is a five-story mixed-use walk-up with 6,112 square feet of gross building space. It includes two residential units, and 3,688 square feet of commercial space including a ground floor unit, a duplex unit on the second and third floors and 1,250 square feet below grade.
“The borrower has leased the ground floor and duplex commercial space to an experienced restaurant operator who is completing renovations at their own expense and will open for business immediately” said Wolfer. “The commercial space presented an opportunity with upside potential for this property.”
Silver Arch Capital Partners is a leading nationwide private lender to the commercial real estate market, specializing in bridge loans to owners, investors and developers in need of funding outside the scope of traditional banks and lenders. Formed with the mission to assemble the most highly creative minds in real estate lending under a single banner, the firm recognizes the importance of access to capital in turbulent times. Its partners, who have closed over $2 billion in loans, have the knowledge and insight to guide a borrower through the entire loan process, from initial review through closing.
Drawing from various resources, Silver Arch originates loans from $1 million to $100 million with the flexibility and creativity to review projects of every type — multifamily, office, retail, industrial, hotel and land — and to offer funding for almost every purpose — restructurings, discounted payoffs, purchase of notes and property improvements.