An Adaptive Reuse into Apartments and Ground Floor Retail
$34MM Construction Loan
This storied 120 year old property sat abandoned for 20 years, causing several previous developers to falter and many lenders to shy away because of the unknown risks. In addition, the borrower was seeking high leverage construction financing with multiple government grants and tax credits which needed to be bridged until C of O.
Washington Square arranged a construction loan from a private lender that specializes in urban adaptive reuse. The lender syndicated the loan across multiple parties and provided an advance on the state grant money.