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TRANSACTIONS: Meridian places $14.25M in new mortgages on four Bronx multifamily buildings

Meridian Capital announced the following transactions:

• A new mortgage in the amount of $1,800,000 on a five-story, 28-unit multifamily property located on East 165th Street in the Bronx, NY. The loan features an initial rate of 2.90% and a five-year term. Michael Farkovits negotiated this transaction.

• New mortgages totaling $14,250,000 were placed by Meridian on four multifamily properties comprised of 208 units located on East 167th Street, East 174th Street, Crotona Parkway and Gerard Avenue in the Bronx, NY. The loans feature rates of 3.25% and five-year terms. These transactions were negotiated by Scott Assouline and Jacob Nefoussi.

• A new mortgage in the amount of $11,570,000 on a retail property totaling 12,000 square feet located on Main Street in Queens, NY. The loan features a rate of 3.50% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.

• A new mortgage of $5,900,000 was placed on a 12-story, 40-unit cooperative property located on Central Park West in New York, NY. The loan features a rate of 3.40% and a 10-year term. This transaction was negotiated by Steve Geller and Nicoletta M. Pagnotta.

• A new mortgage in the amount of $2,800,000 on a five-story, 20-unit multifamily property located on West 103rdStreet in New York, NY. The loan features a rate of 3.50% and a five-year term. Shamir Seidman and Daniel Neiss negotiated this transaction.

• A new mortgage of $610,000 was placed on a four-story, 16-unit multifamily property located on Prospect Park West in Brooklyn, NY. The loan features a rate of 3.25% and a five-year term. This transaction was negotiated by Brian Flax and Blake Orman.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $20,250,000 for the following properties:

• $8,400,000 for a three-story medical office building comprised of approximately 40,200 square feet, located on South Oyster Bay Road in Hicksville, New York. Paul Greenbaum, Managing Member, arranged the financing for this transaction.

• $5,850,000 for a portfolio of four single-tenant commercial buildings occupied by Bank of America branches, located in the Northeastern United States. Paul Greenbaum arranged the financing.
• $4,500,000 for a six-story multifamily apartment building containing 59 units, located on Wallace Avenue in the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.

• $1,500,000 for the acquisition of a four-story mixed-use building and the adjacent vacant lot, located in the Bedford-Stuyvesant neighborhood of Brooklyn, New York. Matthew Albano, Managing Director of GCP Capital Group, arranged the financing.

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Hunt Mortgage Group arranged a Freddie Mac Small Balance Loan in the amount of $4.8 million to enable ROCO Real Estate to acquire a multifamily property located in Fort Wayne, Indiana. The property, Winchester Woods, is a 168-unit garden and townhome style apartment complex comprised of eight, two-story apartment buildings, a one-story leasing office and a maintenance building. The property is 96% occupied. The loan is a 20-year Hybrid structure consisting of a 10-year fixed rate period followed by 10 years of adjustable rate. The loan has three years of interest-only followed by 30 years of amortization.

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Eastern Union Funding announced the following transactions:

• A $4.35 million loan to refinance the Quality Inn in Manassas Va. Eastern Union’s David Merkin and Marc Tropp represented the borrower, a local owner/operator, in the transaction.Located at 10653 Balls Ford Road, at the intersection of I-66 and Route 234, the 120-room hotel is 17 miles from the Washington Dulles International Airport, and proximate to several Northern Virginia and Washington, D.C. attractions and universities.

• A $4,374,000 first lien mortgage for the refinance of a warehouse on 11th St. in Long Island City, NY. This transaction was arranged by Marc Tropp and CJ Danziger.

• A $3,100,000 first lien mortgage for the refinance of a 3-unit condo on 58th St. in New York, NY. This transaction was arranged by Nate Hyman and David Metzger.

• A $2,050,000 first lien mortgage for the acquisition of a multifamily property on Madison St. in Brooklyn, NY. This transaction was arranged by Abraham Bergman and Herman Werzberger.

• A $2,000,000 first lien mortgage for the refinance of a 6-unit mixed-use on Woodbine St. in Ridgewood, NY. This transaction was arranged by Ira Zlotowitz and Meir Kessner.

• A $1,500,000 first lien mortgage for the refinance of a 6-unit multifamily on Bleecker St. in Brooklyn, NY. This transaction was arranged by Nate Hyman and David Metzger.

• A $1,056,000 first lien mortgage for the acquisition of a 6-unit multifamily on Atlantic Ave. in Brooklyn NY. This transaction was arranged by Isaac Weiss.

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Marcus & Millichap Capital Corporation announced the following transactions:

• A $6,000,000 loan for the refinance of a 7-building multifamily portfolio containing 90 units located in the Hamilton Heights neighborhood of Manhattan. The transaction was arranged by Andrew Dansker and Matt Michelson.

• A $3,875,000 loan for the refinance an 11-unit multifamily property on Henry Street in the
Lower East Side neighborhood of Manhattan. The transaction was arranged by Andrew Dansker
and Gunnar Wilmot.

• A $3,600,000 loan for the refinance of a 5-unit multifamily property on 2nd Place in the CarrollGardens neighborhood of Brooklyn. The loan was arranged by Lior Goldberg.

• A $1,000,000 loan for the acquisition of an 800 SF triple-net leased retail property in Richardson, Texas. The transaction was arranged by Andrew Dansker and Gunnar Wilmot.

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