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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
