Globe underwrites multi-family loans

Real Estate Weekly, June 19, 1991

Globe underwrites multi-family loans

The Hackensack-based Globe Mortgage Company has underwritten and closed two multi-family loans in New York City totalling approximately $3.5 million.

According to James A. Richmond, Globe executive vice president, the loans involve apartment buildings in Manhattan and Brooklyn, areas where Globe has been extremely active in recent months.

In the first transaction, Globe Vice President Linda Garofalo wrote a $1.4 million multi-family loan for a six-story brick apartment building in Brooklyn. The building, which is situated within walking distance of Prospect Park and other recreational facilities, has undergone both interior and exterior renovations including a new room and a state-of-the-art intercom system, to ensure safety for its residents.

Consisting of 53 one-bedroom, 12 two-bedroom and five three-bedroom apartments, the property is located within one mile of shopping, and mass transit.

Garofalo underwrote the 15-year loan at a 10.17 percent interest rate.

For the second transaction, Garofalo structured a $2 million 10-year loan at 9.75 percent interest for a six-story brick veneer building in Manhattan. Improvements include a new roof and other structural and facade enhancements during the past year.

Consisting of 12 one-bedroom and 22 two-bedroom and 12 three-bedroom units, the property is located within a quarter of a mile of shopping, mass transit, major highways, parks and recreational facilities.