<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=4SjUoC_0vjsaWjz00" alt="https://img.particlenews.com/image.php?url=4SjUoC_0vjsaWjz00" width="820" height="510" >ERG Commercial Real Estate brokered a $7.5-million bridge loan to allow the borrower, Skyland Management, to refinance existing debt on three adjoining vacant Manhattan lots. The consecutive lots, 120-124 Lexington Ave., totaling 4,647 square feet, sit on the corner of East 28th St. and Lexington Ave in the Kips Bay neighborhood. The vacant development site allows for roughly 32,000 buildable square feet. Tentative plans call for constructing a mixed-use condominium building. “The primary focus of the borrower was to secure enough proceeds and refinance his existing debt,” said ERG’s Salvatore Iuvara. “We were able to structure a one-year, interest-only mortgage loan to give the borrower the ample time he needs to move forward with the property and accomplish his goals.”Iuvara and ERG’s Ryan Lewis handled the transaction between Skyland Management and the private lender, a local family office.Where is capital being sourced, and what risks are being taken in the current market? Learn from local and national finance leaders about how deals are getting done in the Tri-State Multifamily market. Don’t miss this opportunity at Connect Tri-State Multifamily on October 1 at Tishman Speyer’s Studio Gather, 45 Rockefeller Center.ConnectInside The StoryPaul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&amp;As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).</div></body>

Mountain View, CA

NewsBreak

Bridge Loan Enables Refi of Lexington Avenue Lots

ERG Commercial Real Estate brokered a $7.5-million bridge loan to allow the borrower, Skyland Management, to refinance existing debt on three adjoining vacant Manhattan lots. The consecutive lots, 120-124 Lexington Ave., totaling 4,647 square feet, sit on the corner of East 28th St. and Lexington Ave in the Kips Bay neighborhood. The vacant development site allows for roughly 32,000 buildable square feet. Tentative plans call for constructing a mixed-use condominium building.