Time Equities places six mortgages totaling $24.435 million

According to Time Equities Inc., they have recently closed six new mortgages on properties through out the metropolitan New York area. Stuart Bruck, director of mortgage brokerage at Time Equities led the company in the transactions. * A $2,350,000 first mortgage loan recently closed on a multifamily property which was utilized to acquire two adjoining residential buildings in the Murray Hill neighborhood of Manhattan. The initial term is for seven years with the first two years requiring payments of interest only with an interest rate of 4 5/8% fixed for the entire seven 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 $8,000,000 loan closed with an initial seven-year team. The loan was structured with interest only payments of 4 5/8% due for the entire seven year term because the loan-to-value ratio was 60%. The building, located two blocks south of Wall Street, has 39 apartments and 8,800 square feet of retail space on the ground floor. * A $1,000,000 loan recently closed on two adjoining brownstones located on West 74th Street in Manhattan's Upper West Side. The buildings have been owned by the same family for over 50 years. * A $2,880,000 first mortgage with an initial term of five years and an option for an additional five year term was provided by a local lender who had also previously funded other loans for the borrower. The interest rate for the 5 year term was 4.75%. The property is a five story walk-up apartment building with 11 apartments including 10 four-bedrooms and one studio. The building is located on 47th Street in the Clinton neighborhood of Manhattan. * A $1,205,000 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 seven years at 5 3/8%. The two retail units comprise 1,000 square feet of prime retail space on Amsterdam Avenue. · A $9,000,000 loan for a mixed use building located at 96th Street and Broadway recently closed. The loan has a 12-year term with the interest rate fixed for the first seven years at 4.75% and then re-set for five additional years. The building has 50 apartments and three stores. analyses Founded in 1966, privately-held Time Equities Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 40 years. With properties in 26 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 23.4 million square feet of residential, industrial, office and retail property.