The Idylls project located on 193 Henry St. is the first modular housing development on the Lower East Side, and it was funded in April 2016. The borrower, an experienced builder, took out a loan of $7.7 million to fund the construction.

Slightly more than two years later the loan was paid in full, and the construction of this 7-story building which houses five full-floor condominiums has been completed. A two-bedroom boutique condominium at this property is currently being sold at $2.1 million. The 193 Henry Street loan is a textbook example of a good deal, good borrower, and a successful project.