Mercury raises $3m for Bronx complex.New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based Mercury Capital Corporation, a bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. institution, has recently funded a two-year $2,275,000 mezzanine loan A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). towards the acquisition of a 170-unit apartment complex on Grand Concourse in the Bronx, NY. "Working with active real estate players in the New York area market, Mercury's loan bridged the gap that remained after the first mortgage and borrower equity came together," commented Adam S. Glick, Vice President of Originations. "While we do not actively seek mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. transactions, our position as a bridge lender often makes us the perfect fit for this type of loan structure." Mercury Capital Corporation has also recently funded a one-year $2,500,000 first mortgage towards the acquisition of a commercial site in the Bensonhurst section of Brooklyn, New York. "Purchased for its' development value at a bank auction, this loan enabled our borrowers to close on a much more valuable property for a below-market price," commented Joel R. Fogel, Senior Analyst at Mercury. "With the clock ticking One increment, or pulse, of the CPU clock. See clock speed and clock. , Mercury funded with the characteristic speed and agility it has built its reputation on." |
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