In our second deal with Urban Standard Capital (USC), Yieldstreet provided $1.665M in senior note-on-note financing to an affiliate of USC to close on a $1.85M first mortgage loan backed by a four story multi-family brownstone in the Park Slope neighborhood of Brooklyn, NY. Below are additional details:
As of mid-September, the Sponsor has received the necessary permits to commence work.
This is our second deal we have originated with USC, a NYC-based real estate investment company that has cultivated a reputation based on leveraging its knowledge across multiple verticals to make informed lending decisions. Their track record and experience in the New York market reinforce our confidence in this investment.
A note-on-note financing refers to the fact that our investment is backed by the underlying mortgage rather than the underlying property. Under certain events including an event of default by USC’s borrowing subsidiary (Yieldstreet’s counterparty), Yieldstreet can take control of the mortgage immediately and take priority over USC’s position when attempting to recover capital.
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