Brooklyn, NY Brick Capital Partners LLC has completed the following transactions:
• A $5.4 million first mortgage for the refinance of a two-story commercial building in Bay Ridge. The loan was arranged by Eric Roth, a managing partner of Brick Capital.
• A $750,000 second mortgage to a private real estate owner for a five-story walk-up in Williamsburg. The loan is interest only with a 1 year term. The loan was arranged by Roth.
• A $800,000 blanket second mortgage to a private real estate owner. Located in the Crown Heights, the collateral is comprised of three apartment buildings with 36 apartments. The loan is interest only with a 2 year term.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,