Philip Griffin Secures $2.26M Construction Loan From Flatiron Realty Capital For Development Site In Piermont

The property involved in this transaction is a development site located at 410-420 Piermont Avenue in the Piermont market. The asset encompasses a total of 62,000 square feet and is designated for a 4 lot subdivision. The loan amount secured for this property is $2,259,500 under a construction loan for a term of 15 months.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,259,500
• Asset Size: 62,000 BSF
• Units: 4 Lot Subdivision
• Lender: Flatiron Realty Capital
• Landlord: Philip Griffin
• Brokers: Steve Trow & Paul McCormick - Ariel Property Advisors
• Loan Type: Construction
• Loan Terms: 15 month construction loan

The brokers involved in this transaction, Steve Trow and Paul McCormick, represent Ariel Property Advisors. They arranged a horizontal and ground-up construction loan through Flatiron Realty Capital, providing financing essential for the development of the site.