Jeffrey Wolfer, CEO and president of Silver Arch Capital Partners
By Joshua Burd
Silver Arch Capital Partners has launched a new special loan program that it says will offer lower rates for income-producing real estate.
The Hackensack-based private lender announced Thursday that it has closed its first two loans under the new program, which offers funding from $1 million to $12 million. Rates start at 6.75 percent plus 1.5 points, Silver Arch said in a news release, noting that lending opportunities are limited to income-producing properties based in the U.S.
“Many borrowers are applying for loans in a tight lending environment, so we set out to create a loan program with favorable rates and terms which complements our other programs,” said Jeffrey Wolfer, CEO and president of Silver Arch Capital Partners. “As a nationwide private lender, we step up when banks and other conventional lenders may not be willing or able, by creating a program to address the unique needs of this sector of the commercial real estate market.
“If a property owner is looking to stabilize a property or help expedite lease-up, a loan from Silver Arch Capital can help.”
The first closed loan was secured by a tenant-occupied condominium on West 22nd Street in Manhattan, the news release said. The 21-story building, located in the Gramercy Park neighborhood, features a full-time doorman and concierge, a fitness center, cold storage, a playroom and a furnished rooftop deck and lounge with an outdoor kitchen.
The second closed loan was secured by an 8,600-square-foot commercial property on Southern Boulevard in the Bronx’s Longwood neighborhood, the news release said. The four-story building is home to a cell phone company, which occupies a ground-floor storefront.
The owner is currently leasing the three floors of office space plus the remaining ground-floor space. Upon completion, Silver Arch said the property value will be $3.5 million.
“Access to capital can be vital to a property’s continued operations, even when the property is generating revenue,” Wolfer said. “That makes our new lending program ideal for apartment buildings, offices, retail locations, and other revenue-generating properties that need capital quickly, and at good rates.”
He added that Silver Arch is emphasizing the ability to act faster than banks.
“Borrowers come to us because they know that we can quickly meet their needs,” Wolfer said. “As a private lender, we are afforded the flexibility and speed borrowers could not obtain otherwise.”
