Century Capital has just funded a $5 million acquisition loan to help purchase a large development property in the City of Orange, NJ. The borrower, an experienced NY-based developer with a proven track record of successful projects, plans to begin master planning the transit-oriented site located at 188 South Essex Street in Orange, NJ and prepare for a phased development. The City of Orange welcomes the improvement as a development of this scale will reinvigorate the local economy.
The property is a deserted hospital with seven standing buildings on 8.5 acres of land in the most desired area of Orange NJ.
A broker’s fee of $50,000 was paid at the closing.
Century Capital has just granted a $1.85 million loan to 979 Ogden Avenue in the Bronx, near the Yankee Stadium. The borrower is an experienced builder who built the building next door to the property. A broker’s fee of $18,500 was paid at the closing.
Century Capital has just granted a $1.58 million construction loan to 177 Lefferts Place, in one of the most sought-after residential areas in Brooklyn, NY.
The building plans call for a future developmental site for a fifteen-unit condo.
The borrower is an experienced builder with a degree in Architecture.
A broker’s fee of $15,800 was paid at the closing.
Century Capital has just granted a $1.95 million construction loan to 1266 Pacific LLC, in Crown Heights. This prime property, which was purchased one year ago, is one of the most sought-after residential areas in Brooklyn, NY.
The building plans call for a five-story structure housing 10 residential apartments. A community facility space, retained by the owner, will be established in the basement for the use of the residents.
The total cost for the project is estimated at $3,350,000 and the borrower appraises the value upon completion at $6,000,000.
The borrower is an experienced builder with 10 similar projects successfully completed.
A broker’s fee of $19,000.00 was paid at the closing.
Century Capital closed a $950,000 loan in two days time, enabling a client secure a rush loan to obtain a profitable investment. The borrower needed $950,000 immediately before his bank loan arrived in order to complete the transaction.
The building plan is to turn the property in Northampton, Pennsylvania into three condominium lots to house various high demand businesses, including BB&T Bank and a childcare center.
Our client is an experienced real estate developer with other successfully completed projects and now has a new building to develop thanks to Century Capital’s fast lending capabilities.
A client in Manhattan turned a $7.7 million construction loan into a state of the art 5-floor luxury residential building. The loan was closed by Century Capital earlier this year. Currently, the property is appraised with a completion value of $15,500,000.
Century Capital rescued International Soccer Academy from disaster by giving it an option to repurchase its property on Long Island. A $2.5 million loan deal was closed within two weeks time, beating the Bank’s deadline. This great location was revived by Century Capital, as they were able to provide the academy the funding needed to secure their very busy 23,500-square-foot facility. The Soccer Academy uses part of the building as a soccer training academy, and the balance is leased to a pre-school which is filled around the year for school and summer programs. The space is also highly used by the community for birthday parties, youth groups, women and men’s multiple soccer leagues.
A broker’s fee of $33,750 was paid at closing.
Century Capital closed a complicated loan in Defiance, Ohio, for a multi-family apartment complex. The loan saved the 16-unit complex from a possible foreclosure, enabling the owner to pay his debt, renovate the complex, and build two more apartment buildings with four new units in each.
Century Capital Partners, a New Jersey asset-based lending company, recently closed on a $7,700,000 construction loan in a top Manhattan location. The proposed development will consist of five residential full floor condos of 7,815 square feet and one retail condo.
A broker’s fee of $77,000.00 was paid at closing.
When it comes to the comparison between conventional bank loans and hard money loans, some might wonder why people would even consider interim financing. Hard money loans are typically short-term loans with higher interest rates and upfront fees, in fact, the opposite of conventional loans. However, hard money loans do have an important place in the real estate market. When traditional financing options are not available, utilizing a short-term hard money loan, a lender like Century Capital Partners may be the best choice to fund a borrower’s quick investment opportunity.
Here are some situations where obtaining a commercial real estate hard money loan makes sense: