May 22, 2014 – Greenwich, CT – AVANT Capital Partners, a leading commercial real estate bridge lender, has originated a $2,350,000 bridge loan secured by a condominium unit located at 210 Lafayette Street, New York, NY. The interest only 18 month loan carries an interest rate of 11.00% and refinanced the first and second mortgages. The loan was originated by Adam Luysterborghs, Founding Principal at AVANT.
According to Mr. Luysterborghs, “We have a razor focus as lenders on financing the development or redevelopment of projects from $1m to $10m in Manhattan and all the boroughs.”
The Property is located in a building known as One Kenmare Square in the SoHo neighborhood of Manhattan. According to data from Cityrealty.com, in the past 12 months, there were 114 condo sales in SoHo and nearby NoHo. The average sales price for all sales was $3.65 million ($1,845/SF). SoHo features a mix of multifamily residential buildings, mixed-use, and retail buildings.
SoHo is a neighborhood in Lower Manhattan which is popular for its variety of shops, ranging from small boutiques, to large department stores such as Bloomingdale’s. SoHo is experiencing strong demand for condominiums and new residential developments are attracting residents from other neighborhoods who enjoy the proximity to shopping, and the restaurants of nearby Little Italy. The Property is located on the same block at the Spring Street Subway stop, which serves the 6 train. The Property is also walking distance to several other Subway lines.
About Avant Capital Partners
Avant Capital Partners is a balance sheet bridge lending firm. The loans are secured by commercial real estate located in New York, Connecticut, and other Northeast Corridor markets from Washington DC to Boston. Avant Capital’s bridge program is geared towards assisting developers capitalize on time sensitive and other non-bankable transactions that require flexible financing.
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