Castellan Capital provided a $4.3 million bridge loan for the refinancing of three adjacent five-story walkup apartment buildings in the Washington Heights neighborhood of Manhattan. The three buildings contain 100 residential apartments and total 90,060 SF. The bridge loan will be refinanced with long-term permanent financing. The portfolio of buildings has been appraised at $25 million, resulting in a low loan-to-value ratio of 17%.
Popular with young professionals and students, the Washington Heights neighborhood in Northern Manhattan is one of the safest neighborhoods in New York City with a low crime rate, proximity to Fort Tryon Park and Inwood Park, and excellent transit via the A, C, and 1 trains.
Castellan Capital is a division of Castellan Real Estate Partners, and is a privately held direct portfolio lender that specializes in situations where conventional financing is not available. Castellan’s team of seasoned professionals makes fast decisions and closes quickly. With discretionary capital and no outside investment committee, Castellan has the flexibility to structure transactions to meet each borrower’s unique requirements.