NEW YORK CITY—Now that it has secured nearly $103 million in acquisition financing, the new ownership of an Upper West Side commercial property plans to convert the building to a residential asset.
Tremont Realty Capital has provided a $102.5 first mortgage loan through one of its managed accounts to finance the acquisition 260 W. 78th St. The 12-story, two building property is located at the southeast corner of 78th Street and West End Ave. and is occupied by The Collegiate School. It was purchased by West 78th Holding, LLC.
The loan was structured as a three-year, bridge loan that represented approximately 85% of cost. At closing, a $65-million “A” note was sold to a regional bank.
Lino DiLascio, managing director of Tremont's New York office, originated the loan directly from the buyer. DiLascio says of the financing deal, “The borrower was trying to maximize proceeds which led us to a creative AB structure that afforded them an 80+% LTC loan. The commanding location of the property and the strength of the borrower helped to facilitate this goal.”
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