Stuart Bruck of Time Equities, Inc.Stuart Bruck of Time Equities, Inc. announced he following loan closings totaling $ 74,537,500. * A $28,000,000 construction loan, the proceeds of which were used to acquire the site which is located in East Harlem and to construct a 66 unit mixed use residential condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. and retail complex. In addition there will be 26 on site condominium parking spots. * $5,100,000 permanent loan closed secured by a leasehold mortgage comprised of 5,000 square feet of retail space. The retail space is located on the ground floor of a 20-story cooperative apartment building located on Manhattan's Upper East Side. The loan features a 10 year fixed rate with the rate set by adding 112 basis points to the yield on 10 year US Treasury Bonds. * A $22,000,000 loan closed secured by a 236,512 s/f three-story loft / office building in Toronto, Canada. The borrower had totally renovated the property. At closing, the building located at 219 Dufferin Street For the extension of Dufferin Street into York Region, Ontario, see . Dufferin Street is a north-south route in Toronto and York Region. The road named for Lord Dufferin (Frederick Hamilton-Temple-Blackwood, 1st Marquess of Dufferin and Ava), who served as Governor-General was 92% leased. The non-recourse loan has a term of 10 years with a rate of 5.82% fixed for the 10 year term. * A $6,500,000 construction loan which provided funds to construct a new 7-story apartment building with 24 large apartments. The building is located in the Fort Greene Section of Brooklyn. The project is part of the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Inclusionary Housing Program. * A $2,175,000 first mortgage loan secured by an existing mixed-use property on West 46th Street in the Clinton Hill Clinton Hill has multiple meanings: Places
* A $1,237,500 loan closed which was used to acquire an existing property with 25 apartments located in New Haven New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Connecticut. The loan has a 10 year term with an interest rate of 6.35%. * A $7,000,000 first mortgage loan recently closed. The loan proceeds were used to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. the existing debt and provide the borrowers with working capital. The building is located in Jamaica, Queens Jamaica is a neighborhood in the borough of Queens in New York City. It was settled as a town by the English under Dutch rule in 1656 in New Netherland. The neighborhood is part of Queens Community Board 12. is a 16-story elevator doorman apartment building with 158 rooms. The loan features a term of 7 years and an interest rate fixed at 6.26%. Tom Kalamotousakis, Esq. represented the borrower. * A $2,525,000 first mortgage closed secured by a 6-story elevatored apartment building on Sedgwick Avenue in The Bronx. The loan has a term of 10 years and interest rate of 6.7% fixed for the 10 year term. 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. . The building has 42 apartments and was built in 1941. |
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