W&L Group Secures $58.5M Construction Loan For Development Site In Chinatown

Located in Chinatown, the development site at 47 & 49 Henry Street has recently secured a construction loan from Preferred Bank. The loan amount of $58,500,000 will be utilized for the development of this property. With a buildable square footage (BSF) of 58,480 and 80 units planned, this site promises to be a significant addition to the neighborhood.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $58,500,000
• Address: 47 & 49 Henry Street
• Market: Chinatown
• BSF: 58,480
• Units: 80

W&L Group, the landlord of the property, has chosen Preferred Bank as the lender for this construction loan. This decision highlights the confidence and trust that the W&L Group has in Preferred Bank's expertise and ability to support the successful completion of this development project.