Lancewood Capital, a NY-based family office focused on $1-50 million real estate debt opportunities, provided a $6.45 million bridge loan to finance the remaining construction of a luxury single-family townhouse in the Tribeca neighborhood of New York City.
The 6,750 sq. ft. townhouse, located at 142 Watts Street, was formerly a mixed-use building that the sponsor converted to a six-story single family townhome. The property will offer five bedrooms, five bathrooms, two working fireplaces, a roof deck with views of the Hudson River and a private parking garage. According to the listing broker, this is the only townhouse in Northwest Tribeca-offering six floors of modern, loft-inspired interiors along with a private roof terrace and garage.
Lancewood Capital was able to provide the sponsor with interest-only financing at a near-bank rate while also providing capital toward the remaining construction costs. The project is now complete and the property is currently on the market. “It was a pleasure to work with this developer and we are glad that we were able to provide them with the necessary pricing, flexibility and execution to successfully complete their project.” said Lancewood Capital’s Matt Schatzle who structured the financing.
