Private Money Loan: Woodside Development
Woodside, Queens, NY
$2,400,000
Description
ERG Commercial real estate is proud to announce the recent loan closing of a $2,400,000 18-month construction loan secured by a development site in Woodside, Queens. The borrower of this 9,800 SF site plans on developing a mixed-use property, consisting of 9 residential units and 4 commercial units. This project had been stalled for 2 years due to the borrower having difficulty finding competitive funding in the marketplace. This is a prime example of how our clients successfully acquired a competitive term sheet within one day and closed within 3 weeks.
