Brick Capital Partners closes three first mortgages
Bronx, NY Brick Capital Partners LLC, recently closed the following transactions:
• A first mortgage in the amount of $2 million to a private real estate investor. Located on East 149th St., the collateral is comprised of a six story elevator apartment building that contains 39 apartments and 3 retail stores. The loan included the funding for building-wide major capital improvements as well as for the renovation of 23 vacant apartments. The interest only loan is for a 2 year term and was arranged by Brick Capital’s Phil Ragone.
• Through an affiliate entity,Brick Capital Partners has provided a first mortgage in the amount of $800,000 to a local real estate investor. The collateral, located in the Brownsville section of Brooklyn, is comprised of a 2 Three Story mixed use walk-up apartment building that contain 6 residential units a 2 retail tenants. The interest only loan is for a two year term and was closed within seven days of application in order to facilitate the borrower’s time of the essence closing.
• Through an affiliate entity,Brick Capital Partners has provided a first mortgage in the amount of $550,000 to a local real estate investor. The collateral, located in the Greenpoint section of Brooklyn, is comprised of a four story walk-up apartment building that contains 8 units. The interest only loan is for a two year term and was closed within three days of application.