Lancewood Capital, a Greenwich, Ct.-based family office focused on $1-50 million real estate debt opportunities, provided a $8 million bridge loan to finance a multifamily building in the West Village neighborhood of New York, NY.
The multifamily building that is on the market for $29.9 million is located at 271 W 11th Street. It is currently configured as 12 free-market units: five studio apartments, four one bedrooms and three two bedrooms.
Lancewood Capital was able to provide the sponsor with interest-only financing at a near-bank rate while closing in just 10-days. The financing provides the sponsor with additional time to market the property.
“This five-story West Village property is a great candidate for a conversion to a single-family townhouse and is just moments from some of the best restaurants, parks, and boutiques that New York City has to offer,” said Lancewood’s Matt Schatzle. The building also features a large backyard lot/garden.
“It was a pleasure to work with this counterparty and I am glad we could provide them with an easy closing process and competitively priced short-term financing,” added Schatzle who structured the loan investment for Lancewood Capital.
The family office continues to be a very active direct commercial real estate lender and provider of senior note financing to alternative commercial real estate lenders.
