Rcubed Real Estate Provides $2.5M Construction Loan For Development Site On Upper West Side

The property involved in this transaction is a development site located at 308 West 78th Street in the Upper West Side. The square footage for the asset is 6,800, and it is being utilized for construction purposes. The loan amount secured for this property is $2,500,000, specifically labeled as a construction loan.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,500,000
• Address: 308 West 78th Street
• Market: Upper West Side
• Asset Size (BSF): 6,800
• Asset Size (SF): 6,800
• Lender: Rcubed Real Estate - Lawrence Rosenblum
• Landlord: Perry Clare

Lawrence Rosenblum from Rcubed Real Estate acted as the lender in this transaction. Rcubed Real Estate provided a construction completion loan on a stalled townhouse and was able to generate a term sheet and commitment in less than an hour, including a site tour on the same day. The firm is actively seeking additional bridge lending opportunities in New York City and aims to enhance its brokerage network. Brokers involved in transactions are always protected.