– $16,700,000 First Mortgage – Development Site – Bronx, NY

Posted on Jan,05 2021
by Rich Salinaro in Blog

 

$16,700,000 First Mortgage – Bronx Land

H&O Capital Funding recently closed on a $16,700,000 first mortgage for the purchase of an approximately 59,000 SF site with R9A zoning and a C2-4 commercial overlay. The site is currently occupied by the purchaser, who had an option to purchase the site in his lease. Talk about being in the right place at the right time! The owner plans on flipping the property to a developer to take advantage of the huge amount of as-of-right buildable square footage. There were a few hiccups along the way, but H&O Capital was able to close the loan in just under a month despite having to work around the holidays.

H&O Capital Funding  has helped countless real estate buyers, sellers, lessees and lessors achieve their goals. Our legacy is unwavering commitment to the communities we serve. Houlihan & O’Malley Commercial Real Estate Services specializes in four distinct, yet overlapping, areas of business: Commercial Brokerage services, Private Mortgage services, Appraisal Services and Advisory services.

For more information on loans that we offer, visit our website.

 

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