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$6,860,000 : Office Condominium Building, Downtown Chicago, IL
New York based Mercury Capital Corporation, a nationwide bridge lender, is pleased to announce that it has recently funded an 18 month, $6,860,000 first mortgage secured by a 55,000 s/f 15-story office condominium building located in Downtown Chicago, IL.
"Our borrower intentionally vacated & fully renovated this former rental office building with the aim of converting the subject to office condominiums," commented Marc Gleitman, President, at Mercury Capital. "However, the existing conventional mortgage came due, and the borrower was able to avoid substantial fees by paying off the bank by quarters end. Our loan allowed the owner to refinance in time, and provided for release clauses in anticipation of the individual condominium units being sold."
Mercury Capital Corporation, founded in 1989, offers borrowers an immediate financing alternative for short-term needs. Gap/Bridge financing, discounted mortgage buybacks, unpaid tax remittances, foreclosure workouts, bankruptcy resolutions and short fuse opportunity financing are all examples of transactions that can be closed with immediacy. Mercury Capital lends on commercial properties nationwide offering loan amounts ranging from $1,000,000 to $20,000,000.
For more information please contact Mercury at 212.661.8700
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