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Globe funds 2 multi-family loans.

The Hackensack-based Globe Mortgage Company has underwritten and closed two multi-family loans in New York totalling approximately $2 million.

According to James A. Richmond, Globe executive vice president, the first loan involved a nine-story, 46-unit, coop apartment building in Midtown Manhattan, an area where Globe has been extremely active in recent months.

Laurie Silver, Northeast sales manager, originated the $800,000 transaction, which involved a 10-year interest only loan at a 9.3 percent interest rate. According to Silver, more than $500,000 of the loan has been earmarked for capital improvements, including interior renovations such as elevator repair, and kitchen and bath upgrades.

Situated within close proximity to shopping, services, mass transit and highway access, the building features marble lobby floors, 24-hour doorman service, on-site laundry facilities, and fireplaces in some units. "The building is completely sold, and these improvements will increase the resale value of the homes. Each of the homeowners will see a better return on their investment," said James A. Richmond, Globe executive vice president.

The second transaction involved the 46-unit Garden apartment complex located in Spring Valley, New York. Silver structured a $990,000 loan with a 15-year adjustable interest rate starting at 9 percent.
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Title Annotation:Globe Mortgage Co.
Publication:Real Estate Weekly
Date:Jun 10, 1992
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