Time Equities, Inc.

Stuart Bruck of Time Equities, Inc. announced the successful placement of several loans totaling $l4.325 million. The first loan was $1.6 million underlying mortgage with a $150,000 line of credit for the cooperative located at 3635 Johnson Avenue in the Riverdale section of Thc Bronx. The loan was structured as a 20-year self-liquidating mortgage with the interest rate fixed for the entire 20-year term at 7.74 percent. The self-amortizing loan met the requirements of the board of directors, who sought to take advantage of the current low interest rate environment to put in place a long-term, self-liquidating mortgage.

The third loan closed was a $2 million line of credit secured by a mortgage on a leasehold consisting of six retail stores at 323-327 West 11th Street and a six-story apartment building located at 240 Sullivan Street, both in Manhattan. The line of credit was established with an interest rate equal to either the prime rate or LIBOR plus 1.85 percent. The loan is non-recourse and has a term of seven years.

A $1.8 million loan was closed for the purchase of a 9-unit townhouse at 107 Waverly Place in Greenwich Village. The townhouse is being converted into five units, which will include a triplex For the owner. The owner of he property is currently extensively renovating the building. The loan has an interest rate of LIBOR plus 1.5 percent.

A $925,000 first mortgage was placed on an existing bur-story mixed-use apartment building with four apartments and a restaurant.

The loan has a term of 15 ears with an initial interest ate of 7.5 percent. Forty-two percent of the building's income comes from the retail tenant.

The building was gut renovated 15 years ago, and is in excellent condition.