Proceeds will be Utilized by Borrower for Other Real Estate Holdings
New York, NY – Silver Arch Capital Partners has closed a $2.6 million loan on seven residential condominium units at 404 East 66th Street in New York City, announced Jeffrey Wolfer, president and CEO of the Hackensack, NJ based Silver Arch Capital Partners. In the cash-out transaction, borrower Infinity Corp., headed by two experienced New York real estate professionals, “will utilize the proceeds for their other real estate holdings,” said Wolfer.
The collateral consists of seven unsold condominium units totaling 4,205 square feet at 404 East 66th Street, situated between First and Second Avenues on Manhattan’s Upper East Side.
“The principals are well-known and experienced condominium converters, dating back to the 1980s and ‘90s. 404 East 66th Street is a beautiful building in a very desirable location, and the New York residential market in general remains very strong.
“The fact that the principals have strong experience, know the real estate business exceptionally well, and will utilize the proceeds of this loan to the best possible advantage made this transaction particularly satisfying,” said Wolfer.
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 Capital Partners 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.