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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