ERG Commercial Real Estate successfully facilitated a $7.5-million bridge loan for Skyland Management, allowing them to refinance their current debt on three adjacent vacant lots in Manhattan. These lots, located at 120-124 Lexington Ave., span over 4,600 square feet and are situated on the corner of East 28th St. and Lexington Ave in the Kips Bay neighborhood.
The borrower was seeking enough funds to pay off their existing debt and ERG’s Salvatore Iuvara helped structure a one-year interest-only mortgage loan that would give them ample time to move forward with their plans for the property – which includes constructing a mixed-use condominium building with approximately 32,000 buildable square feet.
Iuvara worked alongside Ryan Lewis from ERG to broker this transaction between Skyland Management and a local family office who acted as the private lender.
Overall, this bridge loan has allowed Skyland Management to achieve its goal of refinancing while also providing them with enough time and resources needed for future development plans on these prime Manhattan lots.
