Zhi Xiang Secures $4,240,000 Bridge Loan From Finance Of America Commercial For Upper West Side Multifamily

The property is a MultiFamily asset located at 255 West 70th Street in the Upper West Side market, encompassing a square footage of 3,632. The loan for this property was secured in the amount of $4,240,000 and falls under the Bridge loan category.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $4,240,000
• Asset Address: 255 West 70th Street
• Market: Upper West Side
• Lender: Finance of America Commercial
• Borrower: Zhi Xiang
• Brokers: Roy Oskar & Quinn Hukee - Bridge Advisory Group
• Loan Type: Bridge

Notably, just seven days before closing, the lender initially involved backed out, prompting a rapid response from the brokerage team. In under two weeks, they managed to find new financing, successfully transferred the appraisal, and maintained the borrower’s cash position, ultimately closing on time while improving upon the original lender's terms.