NEW YORK CITY—A joint venture comprising affiliates of Mink Development, Fimida Enterprises and Wonder Works Construction Corp. has taken out a $18.4 million pre-development bridge loan on 302 E. 96th St., Globest.com has learned EXCLUSIVELY. The loan on this residential development site, located on the Upper East Side, was arranged by Cushman & Wakefield and provided by G4 Capital Partners.
The sponsor of the loan intends to demolish the existing 14,405-square-foot parking structure and develop a 21-story 64,560 square foot residential condominium tower with ground floor retail. The site has unobstructed views and light to the north and is close to the Second avenue subway.
A Cushman & Wakefield equity, debt & structured finance team, led by Gideon Gil, John Spreitzer and Andre Hass served as exclusive advisor to the joint venture.
“G4 was able to provide a seamless execution so our client could acquire an exciting development site at a very favorable basis in an expedited timeframe,” says Gil, a Cushman & Wakefield managing director.
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