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64 Street NY, NY
Offering short link
Raise Details
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Gross Offering$500,000 USD
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Available Units0.00
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Minimum Investment$100,000 USD
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Maximum Investment$500,000 USD
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Open DateSep 01,2019
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Closing DateJun 01,2021
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Investment TypePreferred Equity
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Maturity6 months
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Real Estate UseResidential
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Maturity End Date
Type
| Type | Number of Units | Available Units | Cost per Unit | Gross Offering | Annual Yield | Term |
|---|---|---|---|---|---|---|
| Preferred Equity | 5.00 | 0.00 | $100,000.00 USD | $500,000.00 USD | 30.00% | 6 months |
| Totals | 5.00 | 0.00 | $500,000.00 USD |
Executive Summary
Loan Request. Four Arrow Funding (“FAF”) is syndicating a new $500,000 preferred equity position (the “PE”) to Edgar Friedman (the “Guarantor”) to fund the purchase of 124 East 64th Street, (the “Property”) to be used for personal use. The Property is a single-family townhome located in the most desirable neighborhood of the Upper East Side of Manhattan. The property is being acquired for a total of $10 million. The PE represents 80% of the capital stack and will be secured by second mortgages on three assets: 21 East 61st St #3B, 125 Maple Street, and 534 Flatbush Avenue. All assets are located in New York, New York (see below for more information).
Property Description. The subject property is a 5 story, 5,600 sq. foot townhouse with a beautiful finished basement and 2000 SF feet of exterior space. Built in 1915, the asset sits on a 2,000 square foot lot which sits between fifth and Lexington avenues Additionally, the interior consists of 5 bedrooms and 5 bathrooms which features a well-thought-out high-quality custom finish. The exterior features a garden with magnificent birch and maple trees which provide a quiet contemplative feel to the space. The asset also features a planted rooftop, a master bedroom terrace, six working fireplaces, three powder rooms, and a glass-walled two-story atrium that brings light in from the roof skylight.
PE Terms. FAF is offering five (5) loan participation units (“Units”) at $100,000 each totaling $500,000 raised. The term is six (6) months. The base interest rate for the Units is thirty percent (30.0%), but calculated on an annual basis, the total return is 36.01% for a six (6) month term to the participants.
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