New York CityNew York City

$7,000,000 Acquisition Loan – Brooklyn IMD Building

Brick Realty Capital LLC, through an affiliate entity, originated an acquisition first mortgage in the amount of $7,000,000 to a private real estate investment group.  Located in the Dumbo section of Brooklyn, the collateral is comprised of a six story IMD loft building that is being converted to residential use.  According to Eric C. Roth, Managing Partner of Brick Realty, “this loan is representative to our ongoing commitment to lend on all types of investment properties.  By way of example, in the past few weeks, we funded several loans utilizing a variety of lending vehicles.  We originated a $2,500,000 mezzanine loan on a NYC apartment building, a $400,000 bridge loan for a land development deal in The Bronx, a $600,000 mortgage collateralized by a vacant SRO in Harlem that is slated for a single family residential conversion as well as an $850,000 first mortgage secured by a 16 unit apartment building in Brooklyn.  There a very few bridge loan providers in the market today who are willing to lend on such multi-faceted types of collateral.  This IMD loan was closed within two weeks of the borrower’s application in order to facilitate their time of the essence closing requirement.”  Joel Radmin, a partner of Brick Capital Group, arranged the financing for this transaction.