Urban Standard Capital announced funding for the acquisition and renovation of an East Hampton home at 9 Oyster Shores Road. The 1.2 acre property is in the town’s Northwest Woods neighborhood.
The oversized, corner lot is located in the exclusive East Hampton private community Hampton Waters, (hwpoa.com ) which offers access to a private beach and mooring rights.
The finished home will be 4,200 square feet with five bedrooms and 4.5 baths. It will boast 13-foot ceilings, an open floor plan, large custom glass windows, and a swimming pool.
The $1.65 million loan, which closed this week, carries a 12-month term. The borrower, Watkins Development of Easthampton, is led by Blake Watkins.
9 Oyster Shores is a unique situation, since Watkins took over the stalled project where most of the heavy construction work was completed.
“Not only does this loan speak to our ability to close loans with speed and certainty, but also to our borrower friendly approach,” said USC’s Robert Levine. “Our flexible capital allowed us to structure a loan that achieved the borrower’s goals and gave him the ability to mobilize on day one.”
Levine elaborated, “In this heated housing market, it is rare to find distressed opportunities. Blake successfully identified this stalled project on an oversized lot with tremendous upside.”
