Bruck of Time Equities, Inc. arranges four loans totaling $50.75 million

Stuart Bruck of Time Equities, Inc. has closed four loans totaling $50.75 million including: * A $24.5 million mortgage for the Clinton Hill Apartments, a co-op located in Clinton Hill. The apartment complex consists of 12 buildings with 1,200 apartments and six retail stores. * A $3.1 million loan secured by 11 unsold condo units in two new condos located in Williamsburgh. * A $5.3 million first mortgage was secured by retail condos located on the Upper West Side on Broadway. The seven existing stores have a combined total of 5,069 s/f. * A $17.85 million construction loan secured by a shopping center located in Providence, R.I. suburb. The proceeds of the loan were used to buy down the existing debt and reposition the shopping center. A major vacancy caused by the bankruptcy of the former major tenant led to re-tenanting of the property. In order to accommodate the new tenant, existing tenants had to be moved to new locations. The loan was structured with a 75% LTV and a rate of LIBOR plus 3.25%. The loan required a partial guaranty with further reductions in the guaranty after additional lease-up occurred.