Massey Knakal Capital Services is pleased to announce the closing of a $7.05 million townhome construction loan collateralized by an approximately 7,050 square foot vacant townhouse in Manhattan’s Greenwich Village Historic District. The loan featured both an acquisition and construction facility.
"This deal was a challenge because the equity was mainly offshore, and the guarantor only had a very small ownership stake in the transaction. We were able to find a lender that was comfortable with the borrower’s complicated ownership structure and who was able to close under a very tight time-of-the-essence window, despite having a construction budget that was not fully developed,” said Massey Knakal’s John Leslie, who exclusively handled this transaction.
“Massey Knakal also handled the sale of this townhouse a few weeks ago. This is a perfect example of how Massey Knakal’s multiple disciplines work together,” said Garrett Thelander, Executive Managing Director.
Click here for press release
Neighborhoods: Greenwich Village