The principals of Clearnote Capital co-developed this project. It is a $27M dollar project with 27,000 SF ground up development inclusive 23 Luxury condo units and 6,000 SF of retail space. This project will come online Quarter 3, 2018.
Clearnote Capital provided high-yield short term financing for the iconic Mooney House located in the heart of Soho off Bowery Street and is listed on the National Register of Historic Buildings. Clearnote sourced a 30-day close high yield product with an accredited investor and provided guidance and direction from inception through close.
Clearnote Capital refinanced this 3-unit commercial building with a local institutional lender who understood the market and offered the best rate and most competitive proceeds. Clearnote was able to source significant cash-out at a competitive Rate: 3.75% with substantial proceeds equaling 10x Debt Yield.
Clearnote Capital sourced permanent debt for this iconic New York building while the majority of the building was yet to be stabilized. The loan that was sourced was a $1.3 M debt financing and a $500K Line of Credit using the property, not the borrower, as collateral for both pieces.