June 15, 2020
Urban Standard Capital (USC), a New York based real estate lender, development and investment firm, delivered $6.3 million in loans during the COVID-19 crisis on three separate acquisition deals.
According to USC managing partner Seth Weissman, the three loans vary in terms of size, asset class and location, but share the theme of the borrowers “needing capital and certainty of execution in uncertain times. The pre-COVID terms we quoted are the same terms we closed on in the midst of the crisis.”
The three loans included a $3.7-million acquisition and construction loan for the development of 129 Toylsome Ln. in Southampton, NY; a $1.25-million bridge loan for 311 Eastern Pkwy., a townhouse which will be redeveloped into a seven-unit boutique luxury condominium in Crown Heights, Brooklyn; and a $1.35-million loan for the acquisition and pre-development of 419 Manhattan Ave. in the Williamsburg neighborhood of Brooklyn.
Pictured: 419 Manhattan Ave.
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