The collateral
consists of 6 walk-up apartment buildings located within the Williamsburg and
Carroll Gardens areas of Brooklyn. The portfolio contains 2 commercial units and
21 residential apartments totaling approximately 19,600 gross square feet. Based
upon the March 2010 rent roll, each building is fully occupied except apartments
1 and 2 in 68 Carroll Street. The total blended monthly rent is approximately
$39,100 which equates to approximately $470,000 in annual revenue. The average
blended rent per square foot for the portfolio is approximately $24.00. The
properties are currently being managed by a court appointed receiver and the
Lender has filed a motion for summary judgment. The current loan is nonrecourse
to the Borrower.
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Neighborhoods: Williamsburg, Carroll Gardens/ Agents: Mark Lively