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Jason Au Places First Mortgage of $2,480,000 – Queens Retail Building

In a separate transaction, Brick Capital’s Jason Au arranged for a local lender to fund a $2,480,000 mortgage for the purchase of a Queen’s commercial property.  The collateral consists of 6 retail stores located in the Briarwood section of Queens Boulevard.  The loan amount represents 75% of the purchase price and is for a 5  year term, 30 year amortization with interest at 4%.  Au was able to negotiate the prepayment of the loan anytime without penalty and facilitated the closing within  the borrower’s 30 day “time of the essence” closing requirement.