| |
| Borrower | A special purpose entity set up for the transaction. | |
| Loan | A $10,000,000 three year loan. It will yield 12% the first year and 12% the second and third year | |
| Collateral | The loan is secured by a first lien on a 5,000+/- square foot 8-room, 4-bedroom duplex condominium located at 515 Park Avenue, New York City. The building is located on the corner of Park Avenue and 59th Street and was built in 1999. The collateral is the entire 34th and 35th floor with magnificent views as well as a studio on the 2nd floor. The collateral was purchased by our Borrower in September 2004 for $16,100,000 cash. | |
| Guarantors | The principal of the borrower, a recent immigrant from Russia. | |
| Purpose | The borrower wanted to take some cash out of the property, which was not financed. | |
| Exit strategy | The borrower will obtain conventional finance. | |
| Outcome | The loan is current. |
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