NY-based real estate company establishes lending arm

New York /
Mar.March 29, 2011 04:19 PM

Corigin Real Estate Group created a lending division today, focusing on short-term debt financing for properties in the New York area ranging from $1 million to $20 million, and has begun with three transactions totaling $8.5 million. While the borrowers requested that the real estate builder, owner and operator keep the exact location of the properties private, the company confirmed that two of them were in Lower Manhattan.

Corigin Real Estate Group, formerly Coalco New York, owns property in New York, New Jersey, and Florida and is the developer behind Midtown’s Element and Jersey City’s Canco Lofts Condominiums.

Ryan Freedman, chairman and CEO of Corigin, said that since emerging from the financial crisis, banks are reserving loans solely for their most trusted customers and smaller lenders aren’t as prevelant as they once were, making it more difficult for some developers to secure loans.

“The qualifying process is really long, but many developers are in need of someone who can understand their situation, no matter how complex it is, and understand it quickly,” he said. “We’re in every aspect of the real estate game, so we can do that.”

Freedman pointed to the three transactions unspecified closed before the company officially announced its lending division, as proof of its viability. TRD


Related Articles

arrow_forward_ios
Alternative lenders saw the biggest gain in market share (iStock)

Return of the non-banks: Alternative lenders show signs of life

Return of the non-banks: Alternative lenders show signs of life
According to the report, purchase applications are down while refinancing is up (iStock)

Applications for mortgages to buy homes drop

Applications for mortgages to buy homes drop
Darren King (Credit: iStock)

Multifamily lender saw delinquent loans double in Q1

Multifamily lender saw delinquent loans double in Q1
Ira Zlotowiz, Founder & President of Eastern Union; Simon Ziff, president of Ackman-Ziff; Dustin Stolly, Vice Chairman, Co-Head of Capital Markets Debt and Structured Finance and Newmark Knight Frank

Tune in for the latest in commercial lending on tonight’s TRD Talks Live

Tune in for the latest in commercial lending on tonight’s TRD Talks Live
Heavy machinery left on the street after construction halts in order to comply with CDC guidelines due to the COVID19 outbreak. (Photo by Erik McGregor/LightRocket via Getty Images)

New York’s construction ban puts some lenders at higher risk

New York’s construction ban puts some lenders at higher risk
Coronavirus chaos is driving lenders to safe, stable projects such as 445 West 35th Street (Credit: iStock and Google Maps)

Coronavirus chaos driving lenders to safer projects amid low interest rates

Coronavirus chaos driving lenders to safer projects amid low interest rates
From left: Will Anderson and Etienne Uzac with California and New York skylines (Credit: LinkedIn)

Ex-media chiefs admit to buying NY, Cali real estate with stolen millions from lenders

Ex-media chiefs admit to buying NY, Cali real estate with stolen millions from lenders
“No one should be lending for 30 years in most of Florida,” financial climate analyst warns

“No one should be lending for 30 years in most of Florida,” financial climate analyst warns

“No one should be lending for 30 years in most of Florida,” financial climate analyst warns
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...