Bruck and Levitt of Time Equities closes six loans totaling $62.4 million

Stuart Bruck and Dan Levitt of Time Equities closed six deals totaling $62.4 million: * A $13.6 million loan (part of $30 million existing line of credit) has been closed for unsold multifamily rental condominiums. The property is located in Grand Rapids. The loan was structured with a three-term with borrower's option of either LIBOR+250bp or Prime + 50bp. * A $5.3 million loan closed for an office building located in the greater Silicon Valley area of Newark, Calif. The 10-year loan offers an interest rate of greater of 10-year swaps plus 180bp or 4.4% with a rate floor of 4.30%. The property is currently 88.52% occupied. * A $.5 million loan was structured for a Canadian three-story office building located in the Montreal South Shore region in the city of Boucherville, Quebec. The property is 95.53% leased and tenant demand is strong. The loan has a seven-year term with a seven-year Government of Canada bond yield + 175bps. * A $5 million loan closed which was structured as a secured line of credit for three years with a prime lending note plus 0.75%. The 69,082 s/f class B mixed office/retail building is situation in the borough of Cote-des-Nieges/Notre-Dame-de-Grace in Montreal, Quebec with a strong tenancy base. * A $4 million first mortgage loan was closed for a shopping center situated on a busy stretch of Ohio River Plaza in Gallipolis, OH. The 87, 373 s/f. shopping center is home to 14 national tenants. The term of the loan was structured for 10 years with a rate set at 182bp over the 10 year swap rate. * A 28 million loan closed for a mixed-use office/condominium building located on St. Jacques, the financial district in Montreal, Quebec. This seven-year loan term was set with a rate of 198bp over seven-year Canadian Bonds. The rate was fixed at 3.03% for seven years.