New York-based Time Equities, Inc. (TEI) announced 18 new loan closings on properties located in New York.
Stuart Bruck, director of Mortgage Brokerage at Time Equities, led the company in the transactions, which included a $30.2 million package of loans on a portfolio of 11 buildings, with 698 apartments, in the Bronx and in Queens.
The loans have seven-year terms with five year options. For eight of the buildings the interest rate was fixed at 3% for the first seven years. For three of the buildings the interest rate was fixed at 3.25% for the first 7 years.
The proceeds were used to refinance existing debt to improve their cash-flows.
Bruck also arranged a $6.2 million loan with a local savings bank with a 3 1/8% rate fixed for five years for a luxury FiDi apartment building with five ground level retail units.
And, a $4,250,000 first mortgage loan was also closed. The collateral consists of unsold condominium apartments located Williamsburg, Brooklyn. The lender underwrote the loan at a 75% LTV based on the rental value. The loan was structured with release prices in the event the borrower choses to sell apartments.
