New York, NY
- Loan Type: Recapitalization Financing
- Property: 7,636 square foot, eight-bedroom / eight-bathroom luxury townhouse
- Scenario: The proceeds of the loan were used to pay off existing debt, return equity to the sponsor, and provide for additional time to market the asset in order to maximize the sales price. The sponsor recently completed a $2.5 million gut renovation/conversion of the property into a luxury single-family townhouse.