Bruck of Time Equities completes three loans totaling $7.482 million

Stuart Bruck of Time Equities, Inc closed the following three loans totaling $7.482 million: * A $2.5 million loan closed that was secured by a five-story walk-up apartment building with 10 apartments. All of the apartments have two bedrooms. The building is located at 316 Second Ave. on the East Side. * A $2.2 million loan which was secured by a leasehold mortgage. The leasehold was structured with a 90-year term which benefits from five sub-leases to retail stores on Columbus Ave. The loan had an interest rate of 4.57% for five years. * A financing structure totaling $2.782 million secured by a five-story walk-up apartment building with two stores and 22 four room apartments. The building is located on 502 Amsterdam Ave. at 85th St. The loan was structured with a $582,000 first mortgage and a line of credit in the amount of $2.2 million. Interest payments on the line of credit will only be due if funds are drawn upon.