Crestline Direct Finance, Summit Capital Funding lend $16M on Lower East Side Condo Building
A partnership between developer Sheryl Hempel and Prosper Property Group has landed a $16 million debt package to complete a planned condominium development on Manhattan’s Lower East Side, Commercial Observer has learned. Crestline Direct Finance and Summit Capital Funding supplied the two-year floating-rate loan for the sponsorship’s six-story, 12-unit condo project at 330 Grand Street. The debt package will refinance an existing $12.35 million construction loan provided by Parkview Financial in late 2020, and also fund the balance of its development and carry costs.
Source: yahoo.com
