185 Liberty St., Newburgh, NY Renovation
StackSource recently arranged quick funding for a $600,000 bridge to permanent loan for a sponsor looking to complete the remaining construction and subsequent lease-up on a property. The property was unencumbered and all costs during construction were self-funded. The sponsor purchased the property for $100,000 in March 2020. 185 Liberty Street is one of the great, historic buildings in the rapidly redeveloping city of Newburgh, New York. The investment in the property was made using an opportunity zone investment and allocated $665,000 to that fund in 2019. As part of the opportunity zone investment, the sponsor will receive a total of $370,260 in federal and state tax credits for historic properties. StackSource Senior VP of Business Development, Beth Mercante, and Capital Advisor Omar Hamza matched the Borrower with a local lender that knew the area and loved the deal. After funding, the work resumed on the property and the borrower is looking to finish the work by September 2022.