The borrower sought the bridge loan to refinance their existing debt. “Given the unique nature of this property and the borrower’s needs, we were able to structure a loan that provides the necessary flexibility and support,” said Jeffrey Wolfer, President and CEO of Silver Arch Capital Partners.
The subject property, known as The Oosten, is an eight-story, 216-unit Class A condominium located in the southern part of the Williamsburg neighborhood of Brooklyn. Boasting very large units and full amenities, it was designed by renowned architect Piet Boon and developed by the borrower in 2015. After successfully selling out the rest of the building, the developers remaining inventory consists of eight residential condo units with a total net saleable area of 24,799 square feet, along with 66 vehicle and eight motorcycle parking spaces.
The collateral includes one two-bedroom unit, six three-bedroom units, and one six-bedroom unit, with an average size of 3,100 square feet. Property amenities feature two attended lobbies, 24-hour concierge service, indoor swimming pool, landscaped roof deck, interior courtyard, children’s playroom, and a fitness center.