Brick Capital Partners funds $2.515 million; includes $1.19 million for renovations to Brooklyn properties

Brooklyn, NY Brick Capital Partners, through an affiliate entity, provided second mortgages in the aggregate amount of $1.19 million to a private real estate owner. Located in the Red Hook and Boerum Hill sections of Brooklyn,  the collateral is comprised of two vacant four-story walk-up apartment buildings. The loan proceeds are to be used for the gut renovation of both buildings. The loan  is interest only with a one-year term.

Additionally, through an affiliate entity, Brick funded a $1.325 million first mortgage. The borrower, an estate, needed the funding in order to begin settling tax and real estate liens. The collateral is comprised of  a 6,200 s/f home on 1.5 acres and views of Manhasset Bay. According to managing partner Eric Roth, “Though this type of collateral is not generally of the asset class that we tend to fund, the metrics of the deal made great sense for us to add to our mortgage portfolio.”