14 West 40th Street is a parking lot located on 40th street between the and 6th ave, across from Bryant Park, with plans to build a 180ksf hotel condo project. Non-Performing Loan, Ray Cecora sourced the distressed debt/lender, advised the lender with alternative solutions, introduced the buyer, facilitated the sale and arranged financing from seller/lender for the new buyer. Research into vacant property, stalled construction sites and banks that made loans to these types of assets assisted in the discovery of the non-performing loan status existing at 14 West 40th.
Results of the transaction: Lender was repaid, borrowers received equity for the deed and the new owner is building the project and sold a percentage at a much higher valuation than it was purchased.
-Price: $46mm
-Buyer: HFZ Capital Group
-Seller/Lender: Petra Capital