ReCap Secured $14,250,000 Loan for the biggest privately owned billboard in Penn Station NY

NEW YORK - Jan. 26, 2015 - PRLog -- The only and biggest privately held billboard around Penn Station, New York City successfully refinance its loan with the help and expertise of ReCap.

“This loan was difficult on many fronts,” says Johnny Su, COO of ReCap. “Billboard is a very unique asset and hard to underwrite for lenders,” explains Su. “Electric billboard value is mostly a NYC Time Square phenomenon that typically get no or very little add on value to real estate,” he adds.

However, the client trusted ReCap and its team’s expertise in securing the necessary financing. The client previously relied on ReCap for its expertise in financing his conversion of a much smaller and one panel, static billboard to the construction and installation of a bigger three panels, state of art, LCD billboard now.

Despite managing a very difficult deal, ReCap professionals have faith in the billboard income and potential. When remembering negotiations with lenders, Su said, “we knew we had to persuade and educate the lenders on the value of the billboard and income given its unique location to high foot traffic and a main transit hub even though the location is not comparable or as glorious as Time Square.“

With ReCap’s extensive network of lenders, ReCap was able to narrow down a few lenders that would be receptive to this type of deal. With many months of due diligence and underwriting, trouble with valuation due to uniqueness of the billboard and its location, ReCap was able to close on the transaction.

“Once again, we delivered the financing for our clients despite all the challenges and we are proud that our client trusts us to come through for them, no matter how difficult the scenario may be,” stated Su.

Tomer Dicturel, CEO of ReCap, added, “the financial crisis has only strengthened and solidified our relationships with our clients, partners, and lenders. They appreciate, more than ever, the added value of our expertise in the commercial finance arena. We continue to deliver finance for our clients and help them not only survive but to thrive after the financial crisis.”

ReCap is a prominent finance boutique assembled by distinguished experts. The professionals at ReCap assist their customers throughout the entire loan process. Their commitment to service and excellence keep customers satisfied and referring ReCap services to their colleagues. “We work hard to provide the best financing in complicated deals,” said Dicturel, “We succeed where others fail.”