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First Mortgage – $2,340,000 Acquisition Loan – Staten Island

Brick Capital Partners LLC, through an affiliate entity, provided a first mortgage in the amount of $2,340,000 to a private real estate investor.  Located at the border  of Randall Manor and the West Brighton sections of  Staten Island,  the collateral is comprised of a Four Story elevator apartment building of 19,800 square feet that is comprised of 14 apartments and 2 commercial tenants.   The loan proceeds were utilized to help fund the acquisition of the property in order to meet  the purchaser’s time of the essence closing and 1031 exchange date. According to Eric C. Roth, Managing Member of Brick, “this is our first loan origination in Staten Island.  We were impressed with the property’s location -  across the street from the Richmond University Medical Center and a stone’s throw from the Snug Harbor Cultural Center and Botanical Gardens.   Both commercial tenants have direct links to the hospital and many of the tenants are employed there. A need for housing will always exist.”   Richard Guarino, of Friedman-Roth Realty Services, arranged the financing.