Amount: $8,300,000 • CLTV: 67% • Rate: 5.75%
Property
A 0.5-acre residential lot in Southampton, NY, entitled for a roughly 4,500-square-foot single-family house.
Scenario
The sponsor needed one facility to cover land and vertical construction without splitting the equity. Seasonal timing and luxury-home underwriting limited standard options. Park 49 arranged an $8.3 million senior construction loan at 67% CLTV and 5.75%, with a draw schedule sized to the build, so the house could be delivered into the Hamptons market on completion.