Brick Realty Capital LLC, stepped in to save a local Harlem landmark.
Through an affiliate entity, Brick provided a construction loan of $750,000 for the renovation of the one story property at Adam Clayton Powell Boulevard and West 126th Street.
Tenants had been forced out because of extensive damage of the building’s roof and parapet walls. When the local investor who had owned the property for 32 years was turned down for “traditional financing,” Brick managing partner Eric C. Roth, said: “We viewed this as a fantastic opportunity to fill the void and to finance the renovation of the retail storefronts, including the iconic Seville Lounge and Bar, which had serviced the local community for many years.”
Frank Vena, of Laissez-Faire Capital Group, arranged the loan with the lender.