W Financial President Gregg Winter and 20 Bayard

After settling a two-year-old bankruptcy case at 20 Bayard in Williamsburg, senior lender W Financial Fund has sold the unsold shares, which include 37 vacant apartments, to Brooklyn investment firm Fortis Property Group for $25 million, according to the lender.

After settling the bankruptcy case with developer Isaac Hager, president of North Development Group, the lender was planning to take over the project, but was blown away by an unsolicited offer from Fortis.

“The idea was that we would own the remaining apartments,” W Financial President Gregg Winter said. “At last second as we were preparing to close a week and a half ago, we were approached by [Fortis], [who was] fervently interested in buying our interest.” [more]

From the June issue: In the easy lending climate of recent
years, it seemed almost anyone, no matter how much money they had in their bank
account, could become a real estate developer. But in the post-boom
world, lenders are hinging much of their decision-making on something
that was previously off-limits: a developer’s personal wealth. Real
estate financial experts say sponsors now must display evidence of
tremendous riches to qualify for a loan, as lenders examine everything
from borrowers’ cars to their vacation homes and their kids’ college
tuitions. As a result, real estate development has transformed from a
great equalizer, an industry offering opportunities for a wide range of
entrepreneurs, to the exclusive province of the rich and famous. [more]