Bruck of Time Equities closes four loans totaling $35.85 million

Stuart Bruck of Time Equities, Inc. has closed the following four loans totaling $35.85 million: * An $11 million first mortgage loan to refinance the existing debt and recapitalize the owner's equity position on a building, located on Prince St. in Nolita. The property has two retail stores on the ground floor with eight residential loft apartments above including one penthouse unit on three levels. The loan was structured to allow for a future condo conversion with release prices and no pre-payment penalty due upon the sale of a unit. * A $2.85 million loan closed secured by a neighborhood shopping center in Philadelphia. The building has 32,000 s/f of ground floor retail space and 8,000 s/f of office space on the second floor. The loan features a seven-year term with a fixed interest rate of 6.49% * A $16 million first mortgage loan closed secured by an existing nine-story elevator apartment building with 53 residential units located on the Upper West Side. The borrower was in the process of converting the building to a condo status. The loan was structured to allow for the release of units as they are sold. * A $6 million loan closed that was secured by a six-story walk-up apartment building with 28 apartments and one retail unit. The loan was structured with a seven-year term and an option for an addition five years. The interest rate was fixed at 5.75% based on a 30-year amortization schedule.