Greenwich, CT (PressExposure) February 01, 2013 -- AVANT Capital Partners originated a bridge loan secured by a 5-unit walk-up condominium property located in the East Harlem neighborhood of New York City.
The newly originated loan enabled the Borrower to take advantage of a discounted payoff opportunity with the existing mortgage holder and provided more time for the Borrower to complete the sell-out of the units. The bridge loan provides the Borrower with interest-only payments, was made for a one-year term and includes an option for a 6-month extension.
The Property features four large two bedroom condominiums and one ground floor retail condominium. The residential units enjoy east and west exposure and open city views with large windows and high ceilings. Amenities include modern kitchens, stainless steel appliances, granite counter tops, laminate wood flooring, recess lighting, storage, and washer/dryer hook-up. The Property enjoys excellent accessibility, being located by the 2 and 3 express train, which provides access to Midtown Manhattan in just 15 minutes, as well as bus lines.
Harlem is a neighborhood that is well known for its rich history, spirit, culture and affordability. This area has seen a tremendous amount of revitalization over recent years, which has resulted in increasing home values and an influx of residents. The Property is situated in the heart of Harlem near popular destinations such as Sylvia's, the Red Rooster and the Apollo Theater. Homes in the area feature many prewar buildings and beautiful 19th century townhouses featuring fireplaces and lovely backyards.
Developers continue to convert brownstones, shells of buildings and narrow vacant lots into condominium apartments for rental and/or sale in Harlem. For Manhattan home buyers, this continued wave of condo conversion provides an opportunity to live in a neighborhood with small-scale buildings, as opposed to large tower developments, and private floor through apartments. Harlem zoning does not allow for very large buildings. These apartments, typically floor-through and duplexes, come with town house amenities, like terraces, gardens, fireplaces, and uncommonly good light for Manhattan. There are new condo townhouses being developed from Morningside to Mount Morris Park, Sugar Hill and Strivers Row and AVANT Capital Partners is reviewing debt investment opportunities to finance these developments.