$8.3MM Pre-Development Loan
Washington Square was engaged to secure a bridge loan secured by a portfolio of non-income-producing land assets. The current market environment for land loans has tightened significantly with many lenders either pulling out of land lending altogether or only lending at a very low leverage point with restricted uses on capital.
Washington Square successfully arranged a 12-month loan with extension options. The loan represented 70% LTV and the proceeds were used to fulfill other obligations of the borrower, unrelated to the subject Properties.