July 22, 2025
Condominium
Astoria, New York
$10,100,000
Transaction Description:
George Smith Partners secured a $10,100,000 construction loan for a 22-unit condo project in Astoria, NY. The Lender provided proceeds of 70% LTC/65% appraised sell-out value.
GSP was able to source a lender with significant experience with condo projects in New York, that was also willing to work with a new borrower.
Rate: SOFR + 5.75% floating
Term: 2 years
Interest-Only: 2 Years
LTV: 65%
LTC: 70%
Guaranty: Non-Recourse
Financing Team
Justin Piasecki
President of George Smith Partners
Chandana Reddy
Analyst
Shuvo Hussain
Vice President
Thomas Butler
Senior Associate
