Our broad industry relationships and deep understanding of markets and capital structure allows us to create optimized deal terms that are customized to the needs of our borrowers.
Corigin provided pre-development financing for a luxury condominium project in the Hell’s Kitchen neighborhood of Midtown Manhattan. The borrower required a quick close due to contract performance obligations, as well as optionality to convert the position to construction financing. Corigin was able to perform on the tight time frame, leveraging its deep knowledge of development to underwrite the deal in an accelerated fashion. The loan was low-leverage and achieved very strong risk-adjusted returns to Corigin, while also providing a key service to the borrower.
Astoria Land Deals
Corigin provided acquisition financing for two mid-market condominium projects in the burgeoning neighborhood of Astoria in Queens. Both condominium projects were acquired by the same sponsor, a local developer with a strong track record in the sub-market. Corigin won the deal by providing fast and flexible capital and achieved strong risk adjusted returns when the loan was paid off by a low-cost conventional construction lender.