Urban Standard Capital, a NYC based lender, has financed a 12-month acquisition loan for Peak Capital. The six-unit building is located at 28-52 35th Street in Astoria, Queens.
USC provided a $1.1 million acquisition loan on a $1.5 million purchase. Peak Capital plans to renovate the vacant units with high end finishes.
“Peak Capital acquired the 6,300 s/f asset for $238 per square foot, which is well below replacement cost. A tremendous amount of value was created by purchasing the asset at this basis,” said Urban Standard Capital’s Robert Levine.
“This is our third transaction with Peak Capital in 2021, which speaks to our programmatic lending program. We partner with the most active, trustworthy, and successful sponsors and look to grow with them over time.”
USC manages $300 million of real estate equity and debt investments across its platforms.