Bridge Financing for a Project Downtown Philadelphia, PA
The borrowers sought bridge financing for an existing 8,000-square-foot building on .11 acres located in the Rittenhouse Square neighborhood in downtown Philadelphia. Broadmark Realty Capital was chosen as the lender for our creativity and ability to extend a loan based on the as-is value of the asset rather than the purchase price. This was due to the borrower’s ability to improve the asset prior to close by taking the project through zoning, which will allow the building to be converted into eight high-end apartments on the well-known Delancey Street.
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