May 2, 2017
Despite long delays, developers received $7.7 million to build 39 luxury apartments at 62-68 69th Street, in Guttenberg, NY, just a 10-minute drive from the Lincoln Tunnel to Manhattan.
“The loan was already committed in early 2016, but the borrower decided to enter into contract to sell the property,” said Emil DePasquale, vice president for Meridian Capital Group, which negotiated the financing. “Nearly a year later, after the sale was not completed, Meridian utilized their relationship with the original lender, and was able to achieve favorable terms with full-term interest-only payments, despite changes in the lender’s underwriting guidelines.”
A balance sheet lender provided the 18-month loan, with two options to extend the loan for six months.
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