TIAA-CREF's Sheryl Hempel Secures $12.35M Loan For Lower East Side Development Site

A development site located at 330 Grand Street in the Lower East Side has secured a loan of $12,350,000. The loan terms include a loan-to-cost ratio (LTC) of 74.66% and a 24-month term, with the option to extend up to 36 months. The loan was provided by Parkview Financial, represented by Paul Rahimian, and the developer involved in the transaction is Sheryl Hempel from TIAA-CREF.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $12,350,000
• Address: 330 Grand Street, Lower East Side
• Market: Lower East Side
• Lender: Parkview Financial - Paul Rahimian
• Developer: Sheryl Hempel - TIAA-CREF
• Loan Terms: LTC 74.66%, 24 Month Term, extendable up to 36 months

This loan transaction demonstrates the financial support provided by Parkview Financial, represented by Paul Rahimian, to Sheryl Hempel from TIAA-CREF for the development site located at 330 Grand Street in the Lower East Side. The loan amount of $12,350,000 will contribute to the successful progress of the project, allowing for a loan-to-cost ratio of 74.66% and a flexible term of 24 months, with the option to extend for up to 36 months if required.