Press Release
Mortgage Equicap arranges a $12.5 million construction loan and a $2.5 million preferred equity investment for condominium development in New York, NY.
NEW YORK, NY - July 1, 2009 - Daniel Hilpert, managing director of Mortgage Equicap, announced that the company has arranged a $12.5 million construction loan and a $2.5 million preferred equity investment for a ground-up condominium development in New York City.
"The challenge in this transaction was to convince a lender that there is a market for large condominium units and that the loan amount should not be based on the project's rental fallback", said Mr. Hilpert.
