Lancewood Capital provided a $5,200,000 bridge loan to finance the acquisition and renovation of 317 East 5th Street a mixed-use property located in the East Village.
The 8,100 s/f property is currently a blend of multifamily units above ground floor commercial units with a 2,000 s/f rear courtyard.
The buyer, Penn South Capital plans to renovate the vacant units to cater to NYU students and faculty.
A Penn South Capital spokesman said, “We are excited about starting this project and we are confident in the demand for renovated apartments in the area. We also plan on being extremely respectful to the existing tenants in the building.”
The transaction was structured by Lancewood Capital’s Justin Godner at a sub-7% rate and also included a significant capital allocation towards construction. Eastern Union Funding’s Motti Blau and Mendy Pfeifer brokered the financing on behalf of the borrower.