Stuart Bruck, TEINew York, NY Stuart Bruck of Time Equities, Inc. has closed four loans totaling $36.6 million. The deals include:
• A refinance for a building on Lafayette St. that closed for a long-term client for $14 million. The building has benefitted from many recent capital improvements. This penthouse building has one of the New York City’s premiere luxury living spaces located in an internationally renowned neighborhood. The 12-year loan term offers 3.625% interest rate.
• A $15 million construction loan has been closed for a long-term client. The funds will be used for the ground-up construction, a three-story building with 36 residential apartments located on Sixth Ave. in Greenwood Heights in Brooklyn. The term of this loan was for three years.
• A $7 million loan closed for a 16-story multifamily apartment building for another long-time client. The elevated 138, 240 s/f apartment building is located in the Jamaica neighborhood of Queens on Hillside Ave. Individual apartments have been recently renovated and the property is now 98.7% occupied. The interest rate was set for 3.59% for seven years.
• A $600,000 loan has been closed for a four-story mixed-use multifamily property located in the Bedford Stuyvesant neighborhood of Brooklyn. The proceeds will be used to recoup recent renovations made to the premises and for continued capital improvements. The loan was structured with a term of 12 years and an interest rate of 4.125%.
Outside NY Closings totaling $118,900,000
A $16,000,000 first mortgage loan was closed to re-capitalize the borrower. The loan is secured by a 13-story First Class Office Building known as the Travelers Tower II. It offers 339,009 SF of rentable space and is situated on 21 acres of land in Southeast Michigan. The sister Tower I (18-stories) was the first high-rise complex in Southfield Michigan and is viewed by tenants as one of the top office properties in the market in terms of appeal, prestige and quality. Both Towers I & II are owned by the same borrower. The term of the loan is 10 years with the rate of 4.62%
A first mortgage loan was closed in the amount of $22,500,000 for 164, 235 SF Premium Outlet Center in Troutdale, 16 miles outside of Portland, Oregon. The property sits on 14-acre of land, comprises 44 units of retail space and 836 parking spaces. Highly recognized national and credit tenants provide a majority of the property’s income. This Outlet Center has enjoyed an average occupancy level in excess of 90% over the past decade. The 10 year loan offers a swap rate floor - higher of 2.15% or 10 year Treasury.
A $38,000,000 loan closed for a 3-story Office Building consisting of 236,512 SF located in Toronto, Ontario. Originally a lightbulb factory, the property was converted into a high-end office space. It is composed of loft-style units, offers various amenities and is 98% occupied. The property also has 125 surface parking spaces which can be rented on a monthly basis. The 5 year loan term has an interest rate of 3.15%.
A loan closed in the amount of $11,000,000 for 2 Class A Buildings known as the Northbrook Corporate Center in Suburb of Philadelphia, PA. The two buildings contain a total of 160,639 SF and collectively 78.55% leased. The loan offers an interest rate of 4.45% for 7 years.
A first mortgage loan of $6,000,000 was closed for a Retail Strip Center known as the Central Crossing Business Park, Building II East in Bordentown, NJ. The 2007 structure is 120,082 SF and is divisible into 10,000 SF blocks of space. The land for the Business Park was purchased over a decade ago and is now a multi-phased developed construction of approximately 1,900,000 sq.ft. of flex/distribution space. The newly constructed building is 100% leased. The 10 year loan offers the rate of 4.83%.
A $7,800,000 loan closed for a Rental Apartment Community known as the Connemara Estates in San Antonio, TX. Each of the 40 buildings is composed of four residential apartments. The Community offers a wide array of amenities and is 99% occupied. It comprises of 207,782 rentable square feet and sits on 7.5-acre of land. The term of the loan is 5 years with an interest rate of 3.5%
A $4,000,000 first mortgage loan closed for a 2-story, 115,639 SF Office/Flex Space Building known as the Arlingate Plaza in Columbus, OH. It is located in an office park setting and is surrounded by 469 parking spaces. The property is currently occupied by a diverse collection of tenants with all existing leases being long-term.
An acquisition loan was closed for $4,950,000 for a 12-story Mixed-Use Tower featuring 57 apartments and retail spaces in Richmond, VA. In addition, the borrower will build-out an addition 7,000 SF of residential space and plans to convert the office suites into residential units. This tower is known as the first skyscraper to be constructed in Richmond VA, American Heritage lies in the heart of the city’s downtown. The 12 year loan term has an interest rate of 3.625%
A $5,500,000 first mortgage loan closed for an 82,414 SF Business Park in Gaithersburg, MD. The property constitutes a portfolio of three separate concrete and brick structures on a 4.02-acres site. The current tenant mix includes retail, office and industrial spaces. There are also 187 surface parking spaces distributed between the three buildings. An interest rate swap loan has a term of 7 years.
A $3,150,000 first mortgage closed for a Retail Plaza in Warrington, PA. The well-appointed 23,299 SF Shopping Center was completed in 2008 and also includes a pad site that can accommodate a 3,000-4,000 SF tenant. The Plaza is currently anchored by one of the world’s largest franchisor. The loan was structured with a fixed interest rate of 3.5% for 5 years with extension options.