DEAL OF THE DAY: Mortgage Equicap Supplies $13M in Capital for Condo Conversion in New York City

New York–Daniel Hilpert, managing director of Mortgage Equicap, announced the company has arranged a $13 million bridge loan and preferred equity investment to facilitate the conversion of a 30,000-sq.-ft. rental building to a luxury condominium in the Tribeca neighborhood of New York City.

“The first mortgage lender was very confident in the projected sales, but decided to size the loan on the property’s rental fallback. Mortgage Equicap arranged additional preferred equity allowing the developer to execute his business plan,” says Hilpert.