The largest chunk of cash was given to the 325-unit Palm Island Club located at 13800 Bruce B. Downs Blvd. in Tampa. The borrower secured a $14 million first mortgage loan from BRT to help facilitate the acquisition. According to Jeffrey Gould, president of BRT, the loan closed in less than one week.
The owner of 186 East 80th St. in Manhattan obtained $5.2 million from BRT for its 25 unsold condo units. The loan for the Upper East Side building has a one-year term with a one-year option and it enabled the borrower to recapture equity and refinance existing debt, says Gould. He adds that all the leases for the property's units are short-term and BR will provide release prices allowing the borrower to sell the units to individual buyers.
BRT Property Trust also provided the $4.9 million first mortgage loan for the 156-unit apartment building at 1410 Cypress Ave. in Elsmere, DE. Due to toxic mold, the property was recently vacated by the state. The new owner plans to use the 12-month financing to acquire the building and complete necessary renovations including mold and asbestos remediation, explains Gould.
"Upon an in-depth analysis, we foresaw that, following remediation of existing problems, the property has excellent potential to once gain become safe, viable and income-producing," he adds.
Finally, BRT also lent the owner of a 102-unit property, set at 4943 Park Rd. in Charlotte, $2.5 million to avoid a foreclosure sale date. The first mortgage loan has a 12-month term and closed in less than three weeks.
Gould expects the loan to help improve the owner's financial situation "such that he can refinance with a traditional lender at a later date."
BRT Realty, based in Great Neck, NY, provides mortgage and short-term bridge loans within the $1 million to $30 million range to income-producing retail, office, industrial and multifamily properties.
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