PRLog - Jul. 31, 2014 - NEW YORK -- NEW JERSEY – A private hard-lending company has loaned more than $10 million to commercial real estate projects in the last few months, including one deal that closed in a matter of days.
Blue Moon Hotel Photo
Century Capital Partners, LLC, announces the closing of four significant projects ranging from the remodel of a historic hotel in Lower Manhattan to the construction of a new inn centered in Brooklyn’s Chinatown.
Century Capital is a New Jersey-based private lender specializing in short-term, asset-based loans for real estate and construction projects. Its recent work includes:
A $7 million loan from Century Capital has financed the renovation of the historic Blue Moon Hotel in Manhattan’s Lower East Side.
“Manhattan is a marketplace in which we have always show great interest,” said David Hecht, president of Century Capital.
Century Capital made the loan for a project that will renovate, refresh and rejuvenate this stately, eight-story boutique hotel at 100 Orchard Street in East Village, one of the city’s most distinctive and desirable neighborhoods.
The hotel is an art-preservation project. It is a 19th-century former tenement building with 22 guest rooms and suites, ranging from 320 to 750 square feet offering private balconies and stunning city views.
A commercial and residential building at 70 City Plaza in East Orange, New Jersey is the subject of substantial urban renewal efforts with help from Century Capital Partners.
Century Capital closed a $1.2 million construction loan for the multi-use building, which is next door to the town hall, across the street from a newly remodeled train station and only a short distance from a primary shopping district.
The loan is being used for remodeling and renovations to the apartment building, which has five residences and a ground-floor storefront.
Negotiations are underway for a restaurant and child care facility to rent the commercial spaces.
Construction in Chinatown
A new hotel in the heart of Brooklyn’s Chinatown is under construction after moving forward with financing from Century Capital Partners.
Century Capital issued a $1.65 million loan for the 26-room boutique hotel in a bustling business district. It is located amongst desirable areas and tourist attractions, as well as restaurants and schools. Its proximity to New York City’s public transportation system is also a plus.
The new hotel will be located next to Boro Park, which is also near Brooklyn’s large Jewish community.
The new accommodations stand among many businesses, but alone as the only hotel in the neighborhood. It will be a draw for Brooklyn visitors who are eager to explore Chinatown and surrounding areas.
A quick turnaround on a loan for a Waldwich, New Jersey building resulted in forward-motion for a project that would have been stalled by conventional lending.
Century Capital closed on a loan in less than seven days, demonstrating its ability to rapidly provide help in today’s challenging lending climate.
“We were able to accommodate the buyer and finish his contract to purchase within days,” Hecht said. “We do things very fast.”
High pressure is no problem for Century Capital. As a private lender, the company can use methods that conventional lenders cannot to speed up processing. To learn more please visit www.centurycapllc.com, call 877-335-5464, ext. 101, or email firstname.lastname@example.org.
David Hecht, President
David Hecht, President