AVANT CAPITAL PARTNERS ORIGINATES BRIDGE LOAN IN MORNINGSIDE HEIGHTS, NY
NEW YORK, NY—March 23, 2015— Avant Capital Partners, a leading commercial real estate bridge lender, has originated a $4,650,000 bridge loan secured by two 4-story brownstones scheduled for redevelopment into a six-story, six-unit, floor-thru building in the Morningside Heights neighborhood of Manhattan. Mario Uribe, Managing Partner of Park 49, acted on behalf of the borrower.
The existing improvements were estimated to be built in 1900 and currently consist of two 3,468 square feet buildings. The former building at 318 W 115th is currently configured as 8 residential units and 320 W 115th is currently configured as 11 units. Upon completion of the redevelopment, the Property will feature a gross building area of approximately 15,563 square feet with a net sellable area of 12,041 square feet. The unit mix will consist of one 3 bedroom/2 bath unit on the ground floor with a private garden and additional recreation room (2,109 square feet) and five 4-bedroom/3 bath units ranging in size from 1,947 – 2,070 square feet.
About Avant Capital Partners
Avant Capital Partners creates and manages investments in commercial real estate debt. The firm focuses exclusively on first mortgage loans secured by commercial property, primarily in the New York metropolitan area, with a secondary focus on the Washington, D.C. to Boston corridor. For more information on Avant Capital Partners, please visit www.avant-capital.com.