Bruck of Time Equities closes seven loans in New York City totaling $38.45 million

Stuart Bruck, director of mortgage brokerage, of Time Equities, Inc. has closed seven loans totaling $38.45 million. The deals include: * A $4 million construction loan was closed with a N.J.-based bank for a term of two years. The funds will be used for the new construction of a five-story elevator apartment building containing 20 residential condo units and eight parking spaces. The property will be situated in the residential area of Bushwick, Brooklyn. The interest rate is 5.5% * A $1 million loan was closed which is secured by a four-story mixed-use building containing six residential units and one retail store is located in the Hell's Kitchen neighborhood of Manhattan. The loan has a term of 10 years with the interest rate fixed at 3.25%. Over 50% of the income from the property comes from the ground floor retail store. * Two loans, totaling $4.45 million were closed for the same principal with a Queens-based bank on two properties located in the Bronx. The six-story, 60-unit cooperative building situated in the Riverdale section of the Bronx was refinanced for 15 years with an interest rate fixed at 4% for the entire loan. The loan was $1.7 million. The second building is a six-story mixed use building with 70 apartments and five stores located in the Kingsbridge neighborhood of the Bronx. The property was refinanced for 15 years with an interest rate fixed at 3.875%. * A $1.5 million first mortgage lien was closed for the term of three years with a N.Y.-area bank. The collateral for the loan was five investment rental residential condo units located in Bay Ridge neighborhood of Brooklyn that are 100% occupied. * A $1.8 million loan was closed for the term of five years with renewal option for an additional five years. The interest rate was set at 3.25% for the initial term. The loan was secured by a mortgage on a five-story apartment building containing 20 residential units is located on West 36th St. near Port Authority and Penn Station in Manhattan. * A $9 million loan closed for ground floor retail condos located at the corner of Broadway and 82nd St. which is one of N.Y.'s retail and residential neighborhoods - the Upper West Side. The loan was structured with a seven-year term and a five-year option with and interest rate of 3.75% for the initial term. * Two loans, totaling $16.7 million were closed with two separate lenders. One for the office condo units and the second for ground floor retail condo units in the same building located on Maiden Ln. in Manhattan's Financial District. The office units loan was closed for $5.2 million with a rate floor of 3.5% for the term of five years. The ground floor retail loan was for the term of five years with a floating 30 days LIBOR + 1.6% with an all-in rate floating at less than 2%.