SKW Funding closed a $12 million first lien mortgage loan for the refinance and cross-collateralization of two Manhattan properties.
The first asset is located between Houston Street and East 1st Street on Second Avenue in the East Village.
The site is a predominately vacant land which contains the foundation from a prior structure that was demolished in 2000.
The site is just a block from Extell Development’s $39 million acquisition of the Pathmark.
The second asset is situated between Third Avenue and Second Avenue on East 125th Street in East Harlem.
Nearby the site is Time Equities and Hamlin Ventures joint venture acquisition of St. Patrick’s Old Cathedral School for $30 million. A few blocks away is Madison Realty Capital’s One Great Jones Alley, which is a condominium project that recently obtained a $58.3 million construction loan.
“We were able to offer terms that both enabled the borrower to refinance the collateral and also injected cash into his antiques business and pre-development plan,” said Daniel Wrublin, one of the principals of SKW Funding.
“At the same time, we feel secure at our loan basis in collateral with prime Manhattan locations.”
SKW’s Menelik Tefera, also led the execution for the transaction.