Brick Realty Capital LLC, through an affiliate entity, provided a building and construction loan in the amount of $750,000 for the renovation of a one story commercial building located in central Harlem on Adam Clayton Powell Blvd. and West 126th St.
Tenants of the 3,400 s/f building had been recently forced to vacate the premises due to extensive damage of the building's roof and parapet walls. According to managing partner Eric C. Roth, "the building's owner, a local private investor who has owned the property for 32 years, experienced great difficulty in his attempt to secure a traditional financing source to fund the renovation project. However, we viewed this as a fantastic opportunity to fill the void and to finance the renovation and restoration of the retail storefronts, including the iconic Seville Lounge and Bar, which had serviced the local community for many years."
Frank Vena, of Laissez-Faire Capital Group, arranged the loan with the lender. Tags: