HACKENSACK, N.J., Feb. 21, 2013 /PRNewswire/ -- Silver Arch Capital Partners has announced the closing of a construction loan for the expansion and renovation of an $11+ million, five-story, single-family townhouse located in New York City's desirable Chelsea neighborhood. The loan was obtained by an affiliate of an award-winning film and stage director.
"This is a unique property with very unique ownership," said Jeffrey Wolfer, president and CEO of Silver Arch Capital Partners, a direct lender specializing in bridge loans outside of traditional sources. "The loan carries a 12-month term with an option to extend for two additional six-month periods. With the financing, the borrower intends to complete the renovations within 12 months and then to either refinance conventionally or sell the property."
"The owner is extremely well regarded in the arts and has also demonstrated a high level of business acumen," said Wolfer. "This is a well-located property and a solid investment, and it is a pleasure to work with the owner to make this project happen." Acquired in 2009, the property is currently undergoing a complete renovation and expansion that will increase its square footage from 4,636 to nearly 5,700 while adding a rooftop deck. The completed residence will consist of seven bedrooms and eight full and half baths.
Silver Arch Capital Partners is a leading nationwide private lender to the commercial real estate market, specializing in bridge loans to owners, investors and developers in need of funding outside the scope of traditional banks and lenders. Formed with the mission to assemble the most highly creative minds in real estate lending under a single banner, the firm recognizes the importance of access to capital in turbulent times. Its partners, who have closed over $2 billion in loans, have the knowledge and insight to guide a borrower through the entire loan process, from initial review through closing.
Drawing from various resources, Silver Arch offers loans from $2 million to $100 million with the flexibility and creativity to review projects of every type — multifamily, office, retail, industrial, hotel and land — and to offer funding for almost every purpose — restructurings, discounted payoffs, purchase of notes and property improvements.
SOURCE Silver Arch Capital Partners