$15m for land buy

Commerce Bank recently provided a $15 million bridge loan to Senior Living Options Inc. for the acquisition of a vacant plot of land at 1 East 35th Street in Manhattan. The developer secured the interim financing in order to build a residential development. The loan term is nine months.

Commerce Bank continues to expand the range of financial services provided for real estate projects. Commercial real estate loans constitute approximately one-fifth of the Bank's total loan portfolio.

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