Cos Cob (greenwich), CT (PressExposure) July 15, 2014 -- AVANT Capital Partners (AVANT) is pleased to announce that it has originated a $1,600,000 bridge loan secured by an age-restricted residential condominium development located at 608 Carman Avenue in Westbury, New York. The interest-only 12-month loan carries an interest rate of 11.00% and refinanced the first mortgage.
Serving Westbury's Residents Over the Age of 55
The condominium development at 608 Carman Avenue will serve residents over the age of 55 with a total of 30 units and a sellable area of 31,500 square feet. The property is situated on a 1.54-acre parcel (density of 19.4 units per acre) that is comprised of two lots zoned as "CA Residential Use," which permits the development of age-restricted residential units. Construction of the development is substantially complete with eight units 90% complete and 14 units that are framed and water tight. Eight additional units are yet to-be constructed.
The loan was originated by Norman Weinstein of Bridge Capital Group. Adam Luysterborghs of AVANT Capital Partners commented "We felt that the borrower's level of construction experience combined with the location of the development and age demographic of the surrounding population made for a dependable investment."
Growing 55+ Population Driving Strong Demand for Age-Restricted Developments
608 Carman Avenue is located in the picturesque Village of Westbury in North Hempstead, New York. Just three miles from the Westbury Long Island Rail Road train station, 608 Carman Avenue offers direct access to New York City with a 40-minute train ride to Manhattan's Penn Station. Westbury is in Long Island's Nassau County, a well-established, affluent area bounded by Queens to the west and Suffolk County to the east. Westbury has a population of 15,146 and a median household income of $85,000. Of that population, 27% are age 55 or older, driving a strong demand for age-restricted communities like the one being built at 608 Carman Avenue. There are two similar communities within a four-mile radius of the property, each built within the past eight years. The comparable communities have demonstrated strong absorption. One of the communities is fully sold-out and the other is a 750-unit project with 97% of the units sold.
About AVANT Capital Partners (AVANT)
AVANT Capital Partners (AVANT) is a balance sheet bridge lending firm. The loans are secured by commercial real estate located in New York, Connecticut, and other Northeast Corridor markets from Washington DC to Boston. Avant Capital's bridge program is geared towards assisting developers capitalize on time sensitive and other non-bankable transactions that require flexible financing. For more information on AVANT Capital Bridge, please visit http://www.avant-capital.com.
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