NEW YORK—Stamford, Conn.-based Silo Financial Corp., a private equity company specializing in small to mid-market real estate lending, has closed more than $4 million in financing in three transactions spanning New Jersey and New York City.
In the first transaction, Silo Financial provided a $945,000 senior secured first mortgage loan for a new construction project on Elmer Street in Madison, N.J. Once complete, the mixed-use building will house four residential condominiums and two ground-level retail spaces. The borrower is an experienced builder with strong credit who originally purchased the property in 2011.
In addition, Silo Financial closed on a $2.7 blanket mortgage loan to provide an estate with working capital while it continues to liquidate a portfolio of high-end properties throughout New York City and the Hamptons. The deal is secured by a 4.5-acre oceanfront property in Southampton, N.Y., along with a first mortgage on a 2,360-sq.-ft. duplex condominium located on Laight Street in Tribeca.
In the Hamilton Heights section of Manhattan, Silo Financial closed on a $405,000first mortgage bridge loan secured by an 11,000-sq.-ft. building on Amsterdam Avenue.