Description

ERG Commercial Real Estate is proud to announce the closing of a $7,500,000 bridge loan on 120-124 Lexington Avenue, New York, NY.

The three consecutive lots totaling 4,647 sf, sit on the corner of E 28th St and Lexington Ave in the Kips Bay neighborhood of Manhattan. The vacant development site allows for roughly 32,000 buildable sf, with tentative plans to construct a mixed-use condominium building. The primary focus of the borrower was to secure enough proceeds and refinance his existing debt. We were able to structure a one year interest only mortgage to give the borrower the ample time he needs to move forward with the property and accomplish his goals.