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Recent Press

The second quarter of 2010 has been an active one for Brick Realty Capital LLC, a private and direct lender located in New York City.   As evidence to Brick’s ability to finance several types of transactions with both rapid decision making and commitment, seven transactions were recently closed within a six week time span.

On the finance side, Brick provided a second mortgage for a mixed use building on Bond Street in Noho, a first mortgage for a garage building on Delancey Street in the Lower East Side as well as acquisition financing for an apartment building on Bedford Avenue located near Williamsburg, Brooklyn.  Other transactions included the purchase of a non-performing mortgages and notes on mixed use buildings in Harlem on West 125th Street, a 2 story commercial building in Richmond Hills, Queens and an upper west side office building on West 79th Street that is designed for the use of wellness and health care professionals on West 79th Street.  Additionally, Brick financed and purchased a performing first mortgage and note that encumbers a building comprised of apartments and retail stores in Ridgewood, Queens.

Brick Realty Capital LLC was formed to fill a void that was created by the financial banking crisis of 2008. The availability of traditional and institutional financing diminished, loan applications became more complex and borrowers found it increasingly difficult to refinance or obtain an acquisition mortgage.   Brick’s lending platform was created to provide an option to ease the borrowing process and provide quick access to the funds necessary to execute transactions.

Co-Managing Member Eric Roth believes that the partner’s collective 70 years of experience in investment sales and real estate brokerage, as well as property management, sets Brick apart from the competition.  “Unlike most institutions, our sales brokerage expertise gives us access to up to the minute market data and allows us to quickly assess the current value of any offering.   Our extensive experience in property management provides the ability to complete rapid due diligence.   These combined skills are very unique for a lender to possess under one roof.”

“Each of us contributes our talents and capabilities to make the company a success.  Joel Radmin, along with our Chief Loan Officer Phil Ragone, is primarily responsible to source the deals. George Niblock works to assess the market values and I complete the due diligence and oversee the administration of loan servicing”.

Why enter the private lending arena?  “In 2005, the brokering, buying and selling of real property was the game of choice.  Financial institutions and Wall Street provided quick and easy access to mortgage money.  Simply put, buyers were buyers and lenders were lenders.  After the collapse of Lehman and the failure of many high profile CBMS’, the game radically changed.  Financing dried-up, mortgages went into default and opportunities were created. We opted to create a platform to provide financing for these opportunistic investors.  Based upon the abundance of offerings we have reviewed and the number of transactions we have already closed, we have succeeded.”