– $1,700,000 Blanket First & Second Mortgage – Mixed-Use Property & Development Piece – Westfield, NJ

Posted on Aug,02 2019
by Rich Salinaro in Blog

 

$1,700,000 Blanket First & Second Mortgage – Mixed-Use Property & Development Piece – Westfield, NJ

The borrower in this deal is a developer who has done a lot of work in Northeast New Jersey. Having hit a few roadblocks with his conversion of a vacant property from office to residential use, he needed some funds to pursue the issue with the town. A vacant property without the approvals for redevelopment isn’t very marketable and most lenders were stymied trying to underwrite the deal. H&O Capital, however, was able to determine that there was enough equity behind a first mortgage on a mixed-use property the borrower owned in the same area. H&O did the deal as a blanket to make it work. There were a number of moving pieces here, but H&O was still able to get the deal closed in just three weeks.

H&O Capital Funding  has helped countless real estate buyers, sellers, lessees and lessors achieve their goals. Our legacy is unwavering commitment to the communities we serve. Houlihan & O’Malley Commercial Real Estate Services specializes in four distinct, yet overlapping, areas of business: Commercial Brokerage services, Private Mortgage services, Appraisal Services and Advisory services.

For more information on loans that we offer, visit our website.

 

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