The property involved in this transaction is a Development Site located at 330 Grand Street in New York. The site spans an interior area of 10,735 square feet. The deal was facilitated by brokers Dylan Kane and Zach Redding from Colliers, representing both the buyer and the seller. The lenders for this transaction were Crestline Direct Finance and Summit Capital Funding, while the landlords involved were Prosper Property Group and Sheryl Hempel.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $16,000,000
• Loan Type: Construction
• Loan Terms: 70% Loan-to-Cost (LTC)
• Loan Amount: $1,490 per Interior SF

It is noteworthy that the loan amount for this deal was $16,000,000. The loan provided by Crestline Direct Finance and Summit Capital Funding was specifically for construction purposes. The loan terms included a 70% Loan-to-Cost (LTC) ratio, with an additional stipulation of $1,490 per Interior SF. This financing arrangement aimed to support the development of the property and ensure its successful completion.