Contrary to what you may be reading in the publications, there is an abundance of non-recourse well-priced construction and development financing which is available for New York land and development projects.
We have either recently closed and/or have under application more than $2 billion of New York City condominium, hotel, retail and mixed-use transactions. We are also getting multiple finance bids from each project we work on as there is a plethora of balance sheet capital which has moved into this sector to fill the void left by traditional construction lenders. Advance rates for good condominium projects are between 70 – 80% and the cost is anywhere from 6 – 8% for non-recourse construction financing.
Moreover, since President Trump’s election, we are seeing more capital move into the condominium area particularly from overseas investors who believe that President Trump’s agenda to stimulate the economy through infrastructure improvements and other pro-business initiatives will be accretive to the New York and U.S. economy and our overseas investors are looking to invest now.
We specialize in providing equity and joint venture capital and encourage you to contact us so that we can put our international relationships to work for you.