Silver Arch Capital Partners has completed a $2.2 million loan secured by a three-unit brownstone building at 18 Willoughby Street in Brooklyn.
Jeffrey Wolfer, president of the Hackensack, NJ-based private lender, said the 24-month funding enabled the borrower, Restoration Properties, to refinance existing debt on the property, as well as fund reserves and closing costs.
“This is a good quality piece of real estate that would typically be financeable with a conventional lender,” said Wolfer.
“The borrower approached us because we were fully prepared to put our hands around credit issues that conventional lenders might avoid. In this instance, we were prepared to assist the borrower so that he can go back out into the conventional market.”
The property is situated in Brooklyn’s Fort Greene neighborhood, known for its tree-lined residential streets and brownstones, as well as a vibrant retail and entertainment scene. One of the three units at the 18 Willoughby Street property is currently leased and the two other units are listed for rent.
“The highest and best use of a three-family brownstone such as this one would be for owner occupancy of the ground-level unit, and renting the other units for additional income,” said Wolfer.
“For Silver Arch, from a general perspective, our focus is that if the asset is particularly strong, we are willing to make a loan and help out in any event,” he said.
Silver Arch Capital Partners is a nationwide private lender to the commercial real estate market, specializing in bridge loans to owners, investors and developers in need of funding outside the scope of traditional banks and lenders.