Bruck of Time Equities secures six loans: $48.935 million

According to Stuart Bruck of Time Equities, Inc. he has secured the closing of six loans totaling $48.935 million. * A $24.5 million first underlying mortgage was placed with a major insurance company. The loan featured a 10 year term with competitive interest rate set at 1.40% over the yield on 10 year US Treasury Bonds. The interest rate was set at loan application. The lender did not charge an origination fee. The cooperative contains 1,200 apartments and 6 stores in 12 buildings. * A $2.35 million first mortgage loan was provided by a local lender to acquire two adjoining residential buildings in the Murray Hill Section of Manhattan. The initial term is for 7 years with the first two years requiring payments of interest only with an interest rate of 4 5/8% fixed for the entire 7 year term. In addition the lender agreed if the owners seek to convert the property to condominium status and sell apartments, only a 1% pre-payment will be required to release apartments upon a sale. * An $8 million loan closed also with an initial term of 7 years. Because the loan to value ratio was 60%, the loan was structured with an interest only payments of 4 5/8% due for the entire 7 year term. The building has 39 apartments and 8,800 s/f of retail space on the ground floor. The building is located in downtown Manhattan two blocks south of Wall St. * A $1 million loan recently closed secured by adjoining brownstones located on West 74th St. in Manhattan's Upper West Side. The buildings have been owned by the same family for over 50 years. * A $2.88 million first mortgage with an initial term of 5 years and an option for an additional 5 year term was provided by a local lender who had also previously funded other loans with the borrower. The interest rate for the 5 year term was 4.75%. The property is a 5-story walk-up apartment building with 11 apartments including 10 four bedrooms and one studio. The building is located on 47th St. in the Clinton neighborhood of Manhattan. * A $1.205 million first mortgage secured by two retail condominium units also recently closed. The loan had a 12 year term with interest rate fixed for the first 7 years at 5 3/8%. The two retail units comprise 1,000 s/f of prime retail space on Amsterdam Ave. in the 80's. * A $9 million loan for a mixed use building located at the busy intersection of 96th St. and Broadway recently closed. The loan has a 12 year term with the interest rate fixed for the first 7 years at 4.75% and then re-set for 5 additional years. The building has 50 apartments and three stores.