ReCap Secured $50 million Ground Up Condo Construction loan - 110% Loan to cost
QUEENS, N.Y. and ASTORIA, N.Y., March 17, 2021 /PRNewswire/ -- ReCap secured a $50 million construction loan ? the largest condo ground up construction loan in Astoria, New York, during COVID. Against all odd, with the COVID lock down, slow down of NYC condo market amidst of condo inventory glut, banks not even picking up calls, and piles of foreclosure looming, ReCap was able to secure the construction loan on behalf of our client, Hua Yang Group, for a 200,000 square feet, 143 units, condo development.
To top the scale, ReCap was able to secure the construction at 110% loan to cost: $45 million construction loan plus $5 million cash out. An impossible task and loan structure even during the best of time.
ReCap, with its vast network and strong relationship with lenders, continues to deliver an unparalleled financial structure to support its clients and their business. Johnny Su, Chief Operating Officer of ReCap adds, "As Warren Buffett said It's only when the tide goes out that you learn who has been swimming naked and how good your loan brokers really are." Tomer Dicturel, CEO of ReCap, added that, "no matter rain-or-shine, client can always count on ReCap to be there to back them up and secure them the finance."
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