Stuart Bruck of Time Equities, Inc.Stuart Bruck of Time Equities, Inc. announced today the closing of five loans totaling $10,936,250. A $1,550,000 first mortgage was closed with a Queens-based savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. . The loan was secured by a four-story apartment building with 16 apartments on Sterling Place in Brooklyn. The property was completely renovated. The loan was structured with a term of 15 years, and a 20-year amortization schedule with the interest rate fixed for the first five years at 8-1/4%. The lender did not charge an origination fee A charge imposed by a lending institution or a bank for the service of processing a loan. For example, a bank might charge an individual who has applied for a student loan an origination fee of one percent for processing the application and granting the loan. . A $1,136,250 loan was made to the owner of a six-story elevator apartment building on Kelly St. in the Bronx. The building has 38 apartments and six retail stores. The loan was provided by a Long Island-based savings bank. A $4,250,000 first mortgage and credit line was given to the owners of a multifamily apartment building with six stores and 37 apartments. 50% of the building's income comes from the stores. The building is located on Spring St. in the heart of the SoHo section of Manhattan. The $1,250,000 first mortgage has an interest rate of LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 165 and the $3,000,000 credit facility has an interest rate of LIBOR plus 200. John Day of Time Equities, Inc. successfully brokered a $1,200,000 first mortgage loan with North Fork Bank North Fork Bank was an American bank headquartered in Melville, New York purchased by Capital One at the end of 2006 for $14.6 billion U.S. dollars. It was only the second bank bought by Capital One, and was the larger of two acquisitions comprising Capital One's 2005-06 expansion . The loan was for five years at 8% with a five-year option. The loan was used for the acquisition and renovation of 12 W. 90th St. on Manhattan' s upper west side. The principals were able to borrow a substantial part of the purchase price even though the building had very little cash flow, and could not meet its debt service. The borrower accepted a recourse provision that will burn off after the cash flow increases enough to make the loan's debt service coverage. Elaine Solomon of Time Equities, Inc. successfully placed a $2,800,000 first mortgage loan. The loan is for 10 years with an interest rate of 8.5% and an origination fee of 1%. The loan was placed on a mixed-use building with residential and commercial lofts and retail. The L-shaped building (part 5-story, part 6-story) completed its renovation and qualified for a new C of 0. IMD IMD - intermodulation distortion tenants were brought under the umbrella of rent stabilization, increasing rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time . The new, refinanced, non-recourse mortgage enabled principals, to recoup recoup To sell an asset at a price sufficient to recover the original outlay or to offset a previous loss. all costs. |
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