March 6, 2017
A real estate investor found $7.5 million in bridge financing for the purchase of an industrial property in the South Bronx. The borrower will make low, interest-only payments that covers only the interest on the loan for its entirety of its short, two-year term. The loan also has a competitive, fixed interest rate.
The buyer plans to add value to the property at 670 E. 137th St., a two-story industrial building just a few blocks from the History Channel building in the Mott Haven neighborhood of the South Bronx.
“The sponsor owns an identical asset across the street and is very familiar with the property and the area,” said Steve Edelstein, vice president for Meridian Capital Group, which negotiated the loan to the undisclosed borrower.
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