Bruck of Time Equities, Inc. closes seven financing transactions totaling $38.63 million

Stuart Bruck of Time Equities, Inc. recently completed the following closings: A $1.2 million underlying mortgage and a $250,000 line of credit closed recently. The cooperative located on Magaw Place in Washington Heights was only 22% sold. The first mortgage has a term of 10 years with an interest rate of 6.25% fixed for the 10 year term. This mortgage has a fixed pre-payment penalty with the penalty starting at 5% the first year and declining by 1% every two years. The line of credit has a rate of LIBOR+2.5% with a floor of 5%. A $5.4 million first mortgage closed secured by a six story elevatored apartment building with 106 apartments located on Van Kleeck Street in Elmhurst, Queens. The loan featured a 75% loan to value ratio. The interest rate was 6.25%. A $21.67 million credit facility featuring a $13.67 million first mortgage and an $8 million revolving line of credit closed. The loan was made to a renowned private school located in Greenwich Village. The school will use the proceeds to construct a new addition; add a rear extension and renovate the existing building. The first mortgage had a rate equal to LIBOR plus 2.25% and the line of credit had a rate of LIBOR plus 2.5%. A $5.1 million first mortgage closed secured by two single tenant properties located on Broadway in Bushwick. One property is leased to U.S Postal Service. The tenant of the second building operates a day care center at the site. The loan was non-recourse and has an interest rate of 6 3/8%. The loan has a 5 year term with an option for an additional 5 years. A $2 million first mortgage loan was put in place secured by a 4 story walk-up apartment building with 40 apartments located in the Sunnyside section of Queens. The interest rate was 6.25%. No origination fee was charged. A $3 million first mortgage closed secured by a first mortgage on a commercial condominium which is being operated as a parking garage. The garage has 202 parking spaces. The condominium garage is located beneath a luxury loft apartment condominium building. The loan has a 10 year term with the rate fixed for the first 5 years at 6.375%. The lender did not charge an origination fee.