The Oosten at 60 South 8th St. in Brooklyn — Courtesy: Silver Arch Capital Partners
By Joshua Burd
Silver Arch Capital Partners has completed a $14.5 million bridge loan to the developer of a condominium property in Brooklyn’s Williamsburg section.
According to the Hackensack-based lender, the transaction is tied to eight unsold units and 74 parking spaces at The Oosten, an eight-story, 216-unit building at 60 South 8th St. The borrower will use the bridge loan to refinance its existing debt, Silver Arch said, noting that the collateral includes one two-bedroom unit, six three-bedroom units and one six-bedroom unit.
The financing, which has a loan-to-value ratio of 65 percent, is set for a term of one year with extension options.
“Given the unique nature of this property and the borrower’s needs, we were able to structure a loan that provides the necessary flexibility and support,” said Jeffrey Wolfer, CEO and president of Silver Arch Capital Partners.
The direct private lender added that The Oosten, designed by architect Piet Boon and developed by the borrower in 2015, has two attended lobbies, 24-hour concierge service, an indoor swimming pool, a landscaped roof deck, an interior courtyard, a children’s playroom and a fitness center. After successfully selling out the rest of the building, the developer’s remaining inventory consists of eight residential condos with a total net saleable area of 24,799 square feet, along with 66 vehicle and eight motorcycle parking spaces.
