Time Equities arranges six loans totaling $22.45 million

New York, NY Time Equities, Inc. arranged six loans totaling $22.45 million. The deals include the following: • A $7.5 million loan closed for a retail condominium building. The property offers retail and luxury residential units located at the base of Hudson St. in TriBeCa West Historic District.  The 10-year loan is secured by three retail units with a 75% LTV. • A first and second mortgage was established totaling $5.5 million for the two adjacent walkup multifamily apartment buildings located on Thompson Street in the heart of the Greenwich Village. The corner properties are situated in New York City’s most desirable community. The term of the loan is five years with a five-year option. The interest rate for the first mortgage is 3% and the second mortgage features 185bps+30 day LIBOR without floor. • A construction loan has been established in the amount of $6.8 million for a long-time client. The funds will be used to develop a five-story elevator apartment building, consisting of 20 apartments and eight parking spaces on Bleecker St. off Bushwhack Ave. in Brooklyn. This five-year loan term with a five-year extension option, offers a 3.1% interest rate. • A $3.3 million first mortgage loan has been closed for a five story walk-up multifamily property located in the Murray Hill section of Manhattan. The loan was structured with a term of five years plus one five-year extension option and a fixed interest rate of 3%. • A $3.6 million loan was secured by a first mortgage on the land and improvements for a five story walk-up apartment building and one store located on Ave. A between 10^th and 11^th St. in a prime location, the heart of East Village. The five-year term with a five-year extension option offers a 3% interest rate loan. • Another construction loan was closed for a long-time client in the amount of $3.35 million. The proceeds will be used demolish current one-story commercial building and develop 36 new luxury residential condominiums on 6^th Ave. in Greenwood Heights section of Brooklyn. A new building plan consists of a cluster of eight three-family buildings. Each apartment will be positioned as a unique luxury home.