Massey Knakal Capital Services Closes A $5.25 Million Loan In The Hamptons
Massey Knakal Capital Services is pleased to announce the closing of a $5.25 million construction loan for a luxury estate development in the Hamptons.
“This loan was for a 20,000 square foot single family residence that was being built on spec. Our client was a very experienced builder and had recently completed a similar project quite successfully. Given our client’s track-record and ability to execute on his business plan we were able to source a creative loan that was closed in under 30 days,” said Director Morris Betesh, who exclusively handled this transaction. “We view this transaction as an example of the improvement in the construction lending environment, given the high-risk nature of the development this loan would have been much tougher to source only 12 months ago,” added Betesh.
Massey Knakal Capital Services provides unparalleled market knowledge that delivers the most creative financing strategies to meet its client needs.MKCS specializes in a variety of debt and equity based real estate financing including fixed/floating rate loans, constructions loans, mezzanine loans, bridge loans, preferred equity, and joint-venture equity.