Construction Loan will Fund Completion of High-End Residential Development
Hackensack, NJ – Silver Arch Capital Partners has closed $3.41 million in construction financing for a Florida-based builder of high-end residential properties. The funding will be utilized for completion of a speculative home in Nokomis, FL, according to Jeffrey Wolfer, president and CEO of the Hackensack, NJ-based Silver Arch Capital.
“This transaction is a prime example of the flexibility and creativity of our firm in financing every property type,” said Wolfer. “Residential development has become increasingly strong in the marketplace, and in many areas, including Florida’s Sarasota County, high-end residential has emerged as a solid investment.”
The $3.41 million loan includes a $2.9 million hold back with prepaid interest for nine months. The collateral includes multiple Florida properties, including 3801 Casey Key Road in Nokomis, listed at $5.3 million; the under-construction 373 Ben Franklin Drive in Lido Key; 425 Westway Drive on the waterfront in Sarasota and listed at $1.5 million; the adjacent 1435 Westway Drive in Sarasota; and a bay front lot zoned residential at 516 Palma Sola Blvd. in Bradenton.
Silver Arch Capital Partners is a leading nationwide direct 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 offers loans from $1 million to $50 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.