A 50,000 SF Vacant Office Building
$2.88MM Acquisition Bridge Loan
A developer approached Washington Square with 30 days left on an agreement of sale to acquire this long abandoned property. The building was still in the pre-leasing stage before a construction loan could be secured.
Washington Square arranged a bridge loan from a bank interested in making the construction loan once a certain level of preleasing was met. Because of Washington Square’s relationship with the senior executives at the bank, the process was expedited to meet the closing deadline.