GREAT NECK, N.Y., Aug. 01, 2018 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (NasdaqCM: LOAN), or Manhattan Bridge Capital, a real estate finance company specializing in originating, funding, servicing, and managing a portfolio of short-term loans secured by first mortgage liens on real estate, announced today that the underwriter of its previously announced underwritten public offering of 1,428,572 of its common shares has partially exercised its option to purchase an additional 117,214 shares at a price to the public of $7.00 per share to cover over allotments, bringing the total gross proceeds from the offering to approximately $10.8 million. The aggregate net proceeds are expected to be approximately $9.9 million, after deducting underwriting discounts, commissions and estimated offering expenses payable by Manhattan Bridge Capital. The exercise of the over-allotment option closed on August 1, 2018.

National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (Nasdaq: NHLD), acted as sole book-running manager for the offering.

Manhattan Bridge Capital intends to use the net proceeds of the offering to reduce the outstanding balance of its existing credit line, and in the event that additional proceeds remain, to increase its loan portfolio and for general corporate purposes and working capital.

About Manhattan Bridge Capital

We are a New York-based real estate finance company that specializes in originating, servicing and managing a portfolio of first mortgage loans. We offer short-term, secured, non–banking loans (sometimes referred to as “hard money” loans) to real estate investors to fund their acquisition, renovation, rehabilitation or development of residential or commercial properties located in the New York metropolitan area. We are organized and conduct our operations to qualify as a real estate investment trust (“REIT”) for federal income tax purposes.