$2,100,000 bridge loan secured by a first mortgage lien on two properties in the Hunts Point neighborhood in The Bronx, New York. The properties are a previously vacant 10,016 square-foot parcel of land and a 36,000 square-foot parcel of land. The purpose of the loan is to provide funds to payback past due union charges in the amount of $985,409. The charges are structured as a mortgage collateralized by this property. The union payment was part of the Reorganization Plan approved by the court as part of the borrower’s emergence out of bankruptcy in May 2016. The remainder of the loan proceeds, after closing costs and fees, of approximately $850,000 will go to the borrower who plans on reinvesting the proceeds back into the business.
