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Posted: October 7, 2011
Bruck of Time Equities closes 10 loans: $58.59 million
Stuart Bruck of Time Equities, Inc. has completed the closing of 10 loans totaling $58.59 million:
* A $1.95 million loan secured by an apartment building. The loan has a 5 year term with an option for an additional 5 years.
* A $5.8 million loan secured by four buildings on 127th and 128th St. near Convent Ave. in Harlem closed. The four buildings have a total of 91 apartments. The loan has an interest rate of 4%.
* A $2.93 million mortgage secured by a six story elevatored apartment building located on the Grand Concourse in the Bronx. The building has 96 apartments and 5 stores.
* A $3.3 million first mortgage loan was provided to the owner of two contiguous apartment buildings on 150th St. in Harlem between Broadway and Amsterdam Aves. The loan has an interest rate of 4%
* A $2.4 million first mortgage from a L.I.-based lender. The loan is secured by a mortgage on a building on 42nd St. The building has 61 apartments.
* A $5.25 million first mortgage secured by a 6-story apartment building with 2 elevators 68 parking spaces and 120 apartments recently closed. The building is located on Van Kleeck St. The lender reduced an existing pre-payment penalty which allowed the borrower to take advantage of current interest rates.
* A $2 million first underlying mortgage was provided to a corporative apartment building on East 95th St., Manhattan. The loan has a term of 10 years with a current rate of 4.5%
* A $5.5 million loan secured by a 4-story industrial building with a total of 120,000 s/f. The building is leased to a single tenant. The building is located on Austell Pl.
* A $25 million credit line provided by major financial institution was structured with a $10 million unsecured portion with the balance of facility to be used for future real estate acquisitions.
* A $4.4 million first mortgage secured by a 5-story apartment building with 2 elevators and 36 units closed. The loan featured a 10 year fixed rate loan at 4.2%.
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