It was one of many signs last year that a growing number of New York City condo developers are on borrowed time. Bank OZK had committed $108 million to finance a 92-unit condo building at 615 10th Avenue back in 2015. But last April, with the project stalled, the construction lender dialed that back by $20 million, forcing the developer to grab a lifeline from mezzanine lender Mack Real Estate Credit Strategies. The troubles brewing
source https://therealdeal.com/2020/06/25/loan-wolves-bankers-are-stalking-developers-as-debts-come-due/
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