New York, NY Brick Capital Partners LLC, through an affiliate entity, funded a second mortgage of $2.725 million to a local real estate investor. Located near Central Park and Park Ave., the collateral is comprised of a five-story brownstone with both office and residential tenants. The brownstone was gut-renovated in 2013 including the installation of an elevator.
Eric Roth, managing partner of Brick Capital, said, “We received a call on Monday morning asking if we could close a loan in 48 hours in order to meet the borrower’s obligation to close a private business transaction. After a quick review of the offering, we agreed to move forward, rapidly completed our due diligence and closed as required two days later. There are very few bridge loan providers who are able to replicate our execution and deliverance on their commitments.”