Silver Arch Capital Partners has closed on two loans under its new loan program for income-producing properties.
The first loan was secured by a tenant-occupied condominium located on West 22nd Street in Manhattan.
The 21-story building in the Gramercy Park neighborhood has a full-time doorman and concierge and range of luxury amenities.
The second loan was secured by a 8,600 s/f commercial property located on Southern Blvd. in the Longwood neighborhood of the Bronx. The four-story building is home to a cell phone company, which occupies a ground floor storefront. The owner is currently actively leasing the three floors of office space plus the remaining ground floor space. Upon completion, the property value will be $3.5 million.
“Many borrowers are applying for loans in a tight lending environment, so we set out to create a loan program with favorable rates and terms which complements our other programs,” said Jeffrey Wolfer, president and CEO of Silver Arch Capital Partners.
“As a nationwide private lender, we step up when banks and other conventional lenders may not be willing or able, by creating a program to address the unique needs of this sector of the commercial real estate market.
“If a property owner is looking to stabilize a property or help expedite lease-up, a loan from Silver Arch Capital can help.”
The new lending program offers funding from $1 million to $12 million. Rates start at 6.75 percent plus 1.5 points. Lending opportunities are limited to income-producing properties based in the United States.
“Access to capital can be vital to a property’s continued operations, even when the property is generating revenue,” Wolfer said. “That makes our new lending program ideal for apartment buildings, offices, retail locations, and other revenue-generating properties that need capital quickly, and at good rates.”