Torchlight Investors, a Manhattan-based real estate investment firm, has provided $25 million in loans to finance a Greek company’s investment on a distressed condominium project at 125 South Cottage Street, in Valley Stream, Long Island, The Wall Street Journal reports.
In August, Zeus Capital Partners closed the purchase of the 90-unit condo Hawthorne Court, for $23.5 million which had been initially developed by the Dennis Organization.
The Dennis Organization invested $30 million in the project before defaulting on a $24 million debt provided by the Community Preservation Corp., the Wall Street Journal reports. The condo is 95 percent completed and the new owners expect to deliver the units in three months.
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