News: Brokerage

Bruck of Time Equities closes six loans totaling $97.45 million; Includes three loans for office condos totaling $91.5 million

Stuart Bruck of Time Equities, Inc. has closed six loans totaling $97.45 million. The deals include: * Three different loans with three different lenders totaling $91.5 million for different office condominiums in the same class A office building. The N.Y.C. condominium units were pledged to three different lenders to allow the borrower to take advantage of the varying credit ratings of the tenants, lease maturities and rents to obtain very advantageous interest rates and terms. * 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 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 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 New York-area bank. The collateral for the loan was five investment rental residential condominium units located in Bay Ridge neighborhood of Brooklyn that are 100% occupied.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

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,