New York-based Time Equities Inc. (TEI), an international real estate investment, development and asset and property management firm, recently announced 13 new loan closings totaling $143,175,000 in the last month.
Stuart Bruck, director of mortgage brokerage and Dan Levitt, associate mortgage broker of TEI, led the company in the following transactions:
• A $66,375,000 first mortgage loan, secured by a 214-unit apartment building in New York City’s Queens Borough, closed with a seven-year term and 3.54 percent fixed interest rate. The loan, which was processed by the lender during the lease-up phase, closed for a newly constructed building.
• A $15,550,000 blanket first mortgage loan closed to purchase three office buildings in the suburb of Philadelphia, Pa. The loan, structured with a three-year term, includes a floating rate option which allows the borrower to sign new leases and refinance the property without incurring a pre-payment penalty.
• A $12,000,000 first mortgage loan closed and was secured by five multi-family apartment buildings in Manhattan’s Harlem and Hamilton Heights neighborhoods.
• A $10,450,000 first mortgage loan, secured by a newly renovated apartment building in Chicago, Ill., closed with a term of seven years with a current interest rate of 4.05 percent. The loan will also allow for additional funds upon leasing of the retail component.
• A $9,750,000 loan, secured by a shopping center in Augusta, Ga. closed with a lessor of 10 years and a 4.5 percent fixed interest rate.
• An $8,000,000 first mortgage loan, for a mixed-use building in Manhattan’s Financial District neighborhood, closed with a fixed 2.95 percent interest rate for a five-year term.
• A $6,000,000 first mortgage loan, secured by a grocery-anchored shopping center in Allentown, Pa., closed with a 10-year term and a fixed interest rate of 4.32 percent.
• A $6,000,000 first mortgage, secured by an 88,142-square-foot New Jersey office building, closed with a fixed interest rate of 4.6 percent for 10 years.
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