< Back to Transactions
$16,000,000 : 1.8 Acre Residential Development, Hoboken, NJ
New York based Mercury Capital Corporation, a bridge financing institution, is pleased to announce that it has recently originated a $16,000,000 first mortgage secured by a 1.8 acre residential development site in Hoboken, New Jersey.
"Hoboken, with its proximity to Manhattan and comparatively reasonable cost to develop, is an area of extraordinary residential growth, commented Marc Gleitman, President at Mercury Capital. “The property is zoned for the construction of 237 residential units, 735 parking spaces, and 17,000/sf of retail. Our financing will provide for a “bridge to construction” scenario, affording our borrowers sufficient time to properly position the subject for construction financing."
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
|
|
 |
|
