Silver Arch Capital Partners Secures Major Bridge Loan
Silver Arch Capital Partners has announced the successful closing of a $14.5 million bridge loan aimed at financing eight unsold condominium units along with 74 parking spaces. This loan, featuring a loan-to-value (LTV) ratio of 65%, comes with a term of one year including extension options, reflecting the company's commitment to flexible financing solutions.
Understanding the Financing Needs
The borrower sought this bridge loan primarily to refinance existing debts. With the unique nature of the property in mind, Jeffrey Wolfer, President and CEO of Silver Arch Capital Partners, emphasized their capability to tailor the loan to meet the specific needs of the borrower within this competitive market.
Highlights of The Oosten Condominium
The Oosten is an impressive eight-story, 216-unit Class A condominium located in a vibrant neighborhood known for its artistic culture and modern lifestyle. Designed by the acclaimed architect Piet Boon, it features exceptionally large units and a plethora of amenities. Constructed in 2015, this condominium has attracted attention due to its strategic development and aesthetic appeal.
Inventory at a Glance
After successfully selling the majority of the units in The Oosten, the developer is left with eight residential condo units which comprise a total net saleable area of 24,799 square feet. Additionally, there are 66 vehicle and eight motorcycle parking spaces available. The range of units includes: one two-bedroom, six three-bedroom, and one six-bedroom unit, each celebrated for their spacious layouts averaging about 3,100 square feet.
Amenity-Rich Living Experience
Residents of The Oosten enjoy many high-end amenities. These include two attended lobbies, a 24-hour concierge service, an indoor swimming pool, a landscaped roof deck, an interior courtyard, a children's playroom, and a state-of-the-art fitness center. Such features ensure that residents experience luxury at every turn.
About Silver Arch Capital Partners
Silver Arch Capital Partners stands as a recognized leader in the realm of private lending for commercial real estate. Their specialty lies in providing bridge loans for owners, investors, and developers who require funding beyond conventional banking options. The firm was established with the mission to bring together a group of highly skilled professionals in real estate lending, and they understand the critical role that access to capital plays, especially during uncertain times.
With partners who have successfully closed over $2 billion in loans, Silver Arch Capital Partners is poised to provide the necessary guidance throughout the entire loan process, providing support from the initial review to closing. This dedication ensures that borrowers receive not only financing but also valuable expertise as they navigate complex real estate transactions.
Frequently Asked Questions
What is the purpose of the $14.5 million bridge loan?
The bridge loan aims to refinance existing debt related to eight unsold condominium units and their associated parking spaces.
Who is the CEO of Silver Arch Capital Partners?
Jeffrey Wolfer serves as the President and CEO of Silver Arch Capital Partners.
What are the amenities offered at The Oosten?
Residents have access to amenities like a fitness center, an indoor swimming pool, and a landscaped roof deck, enhancing their living experience.
When was The Oosten developed?
The Oosten was developed in 2015 and has become a coveted residence due to its design and location.
What type of units are available in The Oosten?
The Oosten offers various units including two-bedroom, three-bedroom, and one six-bedroom condominium, showcasing spacious layouts.
