Stuart Bruck of Time Equities, Inc.Stuart Bruck Bruck may refer to any of the following: People
The first loan closing of $5.5 million has a term of three years and an interest rate equal to the sum of Prime Rate plus 1 percent. The loan was used to acquire a 12-story prewar pre·war adj. Existing or occurring before a war. prewar Adjective relating to the period before a war, esp. before World War I or II Adj. 1. loft building with 41,464 square feet of space, and convert it to a luxury 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. apartment building. The loan proceeds were used to acquire the property and fund building-wide capital improvements and construction of luxury loft-type residential apartments. The second loan closed for $7.35 million. The proceeds of the loan will be used to transform an existing underutilized, almost vacant older industrial building into a communications facility housing equipment for the phone industry. The loan proceeds will be advanced to pay for new building systems, tenant improvements, leasing commissions, and 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. The building is located in Philadelphia, not far from City Hall. To date, approximately 30 percent of the space has been leased to a major phone company. It is the plan of the borrower to reposition the property to attract phone and telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. tenants who have hearing equipment. The loan was placed with a Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York commercial bank. It was structured with a two-year construction period with interest at Prime plus 1 percent. The loan has a term of 10 years, providing for an option to be exercised by the borrowers to set up a fixed loan with the same lender. |
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