Coveted Construction Loan Saves Chinatown Investment
Picking up the slack where conventional loans fall short, Century Capital Partners, LLC, closed a highly coveted construction loan, saving a Chinese real estate investor from losing his investment in Brooklyn's fast growing Chinatown district.
January 14, 2014 (Newswire.com) - As a successful bridge lender, consistently enhancing the formula of unconventional asset-based loans, Century Capital Partners, LLC has brought bridge lending to new levels by closing its latest construction loan with a reputable Chinese real estate investor. The borrower purchased the property on Brooklyn's 60th Street, only to find impenetrable barriers to closing on a construction loan.
Construction loans through American banking institutions have become all but extinct since the 2008 recession, leading this borrower to consider less conventional means of taking out a badly needed construction loan. The borrower, who owns a number of buildings in the area and has a strong reputation throughout the local community, approach Century Capital Partners for assistance.
Century Capital Partners bailed out the investment and gave the borrower the construction loan required for the project on 60th Street. Within 2 weeks, he was able to finance the construction of his hotel through Century Capital Partners, which places an estimated completion value on the property at 5.2 million dollars.
The property is set in an area that does not currently have a hotel, giving the site exceptional promise as a successful boutique hotel.
This soon to be 26-room hotel is located in the heart of Brooklyn's Chinatown, a community that has outgrown even the infamous Manhattan Chinatown district. It is currently considered one of the fastest growing Chinese communities internationally. It boasts a bustling business district and many attractions in its own right. The site is also located directly next to Borough Park, in close vicinity to Brooklyn's large Jewish community. In addition, it is located near many desirable areas, restaurants and schools.
Century Capital Partners' strong reputation for working closely with each individual borrower, lent to the successful closing of this and many additional construction, development, acquisition, re-finance and purchase loans in recent years.
As a leading private commercial bridge lender that specializes in quick closings, Century Capital Partners is continuing in its long time practice of appreciating property values and ensuring successful processes on short-term, asset based loans, with commitments often issued within 48 hours.
With the security provided through this Century Capital Partners construction loan, the foundation for the new hotel has finally been laid and the borrower is currently in the process of constructing the basement and the first floor.
All origination fees, including the commitment fee, are paid at closing. Interested parties who have a commercial property investment in which they wish to seek the advice or ultimately involve Century Capital Partners are invited to call: 877-335-5464, ext. 101, or email: David@centurycapllc.com, to discuss their financing needs. To learn more about Century Capital Partners and view their portfolio of recent domestic and international loan projects, please visit: www.centurycapllc.com.
Categories: Real Estate