Proceeds provided to the borrower to complete the purchase of another property
Chicago, IL, – Silver Arch Capital Partners has completed a 12 month, $3.5 million loan secured by a first mortgage on a luxury condominium unit located in Chicago’s Gold Coast, announced Jeffrey Wolfer, President of the Hackensack, NJ-based private lender. The property is currently unencumbered and the loan will provide funds to the borrower to complete the purchase of another property, as well as fund reserves and closing costs.
“This is a good quality piece of real estate that would typically be financeable with a conventional lender,” said Wolfer. “The borrower approached us because we were fully prepared to put our hands around issues that conventional lenders might avoid.”
The property is a three bedroom, four bath condominium unit located in an eight-story building which features an eclectic architectural style with an interior landscaped courtyard and landscaped rooftop garden with city and lake views. Amenities include a 24-hour doorman and an attached 50-car parking garage. Units feature ten-foot ceilings, large floor plans with luxury finishes and multiple balconies.
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 $70 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.