Daniel Hilpert, managing director of Mortgage Equicap LLC, announced that the company has arranged an $18.5 million construction loan for an 80-unit ground-up apartment building in s Union City, NJ.
Equicap structured an $18.5 million mortgage at approximately 2.5% providing the borrower with 70% loan-to-cost financing.
The firm has arranged an $8.5 million bridge loan for a mixed-use condo conversion in TriBeCa, NY.
The building will feature four loft condominiums as well as a ground floor retail condo. Equicap was able to arrange a bridge loan to replace the in-place construction loan.
The new lender funded the entire loan amount at closing, providing the developer with more flexibility by avoiding monthly construction draws.
The firm also arranged financing for a vacant retail condominium in Tribeca, New York.
Equicap negotiated a non-recourse seven-year term with four years of Interest Only on a 30-year amortization schedule. The interest rate was in the low four percent range.
The retail space will be occupied by a national tenant.