70
NEW YORK CITY — Time Equities Inc. has procured a total of $17 million for two of its New York City multifamily properties. In the first deal, a $9 million loan was secured for a 50-unit building located at the intersection of 96th Street and Broadway. The loan carries a 12-year term with a 4.75 percent fixed interest rate for the first 7 years and a reset thereafter. In the second deal, an $8 million loan was secured for a 39-unit property located two blocks south of Wall Street. The loan carries a 7-year term with interest-only payments for the entire term and a 60 percent loan to value ratio. Stuart Bruck of Time Equities represented his company in the deals. The lender was not disclosed.