Transactions: Meridian’s $18.2M mortgage for Gold St. property, GCP’s $41.5 M in loans

Meridian Capital announced the following transactions:

  • A new mortgage in the amount of $18,200,000 on a 14-story, 56-unit multifamily property located on Gold Street in New York. The loan features a rate of 3.625% and a five-year term. Josh Rhine negotiated this transaction.
  • A new mortgage of $6,700,000 was placed on a six-story, 42-unit multifamily property located on Ocean Avenue in Brooklyn. The loan features an initial rate of 3.40% and a four-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.
  • A new mortgage in the amount of $3,280,000 on a six-story, 105-unit multifamily property located on East 163rd Street in the Bronx, . The loan features an initial rate of 3.750% and a three-year term. Michael Kesselman and Kerry Brick negotiated this transaction.
  • A new mortgage of $3,230,000 was placed on an eight-unit multifamily property located on Ralph Avenue, Brooklyn. The loan features an initial rate of 3.55% and a five-year term. This transaction was negotiated by Judah Hammer and David Bollag.
  • A new mortgage in the amount of $2,850,000 on a 25-unit multifamily property located on 51st Street in West New York,. The loan features an initial rate of 3.50% and a five-year term. Chaim Tessler negotiated this transaction.
  • A new mortgage of $1,250,000 was placed by Meridian on an eight-unit multifamily property located on 15th Street, Brooklyn. The loan features an initial rate of 3.125% and a five-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $41,500,000 for the following properties:

  • $15,000,000 for a six-story mixed-use building containing 38 apartments with 7,250 s/fof commercial space, on West 125th Street in Manhattan. Paul Greenbaum, Managing Member, arranged the financing for this transaction.
  • $10,000,000 for a 12,000 square foot commercial unit, located on the ground floor of a 16-story mixed-use co-op on East 83rd Street. David Sessa, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
  • $9,500,000 for a six-story multifamily apartment building containing 19 units, located on Second Avenue in Manhattan, New York.  Alan Perlmutter, Managing Memberp, arranged the financing.
  • $4,600,000 for a gut-renovated, six-story multifamily building containing 9 units and 1,050 s/f of ground floor commercial space, on First Avenue. Matthew Classi, Managing Member, arranged the financing.
  • $2,400,000 for a neighborhood retail shopping center comprised of 38,000 s/f t, located in Blue Point, Suffolk County, New York.  Matthew Classi, Managing Member, arranged the financing.

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Eastern Union Funding announced the following transactions:

  • A $3,300,000 first lien mortgage for the refinance of a 27-unit multifamily on Field Pl. in Bronx, NY. This transaction was arranged by Nate Hyman and David Metzger.
  • A $3,250,000 first lien mortgage for the refinance of retail property on Wythe Ave. in Brooklyn, NY. This transaction was arranged by Abraham Bergman and Yossi Orzel.
  • A $3,000,000 first lien mortgage for the refinance of an industrial property on Bloomfield Ave. in Clifton, NJ. This transaction was arranged by Isaac Sternhill.
  • $2,870,000 in first lien mortgages for the acquisition of a 12-unit, mixed-use and an 8-unit multifamily in Brooklyn, NY. These transactions were arranged by Michael Muller and Moshe Lipschitz.
  • A $2,000,000 first lien mortgage for the refinance of an 8-unit multifamily on Pacific St. in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz.
  • A $1,800,000 first lien mortgage for the refinance of a 7-unit mixed-use on Jamaica Ave. in Jamaica, NY. This transaction was arranged by Abe Kolman.
  • A $1,500,000 first lien mortgage for the refinance of a 128-room hotel in Arlington, TX. This transaction was arranged by Peter Blass.
  • A $1,409,100 first lien mortgage for the acquisition of a 16,836-square-foot retail center on St. Barnabas Rd. in Temple Hills, MD. This transaction was arranged by Marc Tropp.
  • A $1,250,000 first lien mortgage for the refinance of a 4-unit multifamily on Empire Blvd. in Brooklyn, NY. This transaction was arranged by Motti Blau.
  • A $1,100,000 first lien mortgage for the acquisition of a 23-unit multifamily on Chapel St. in New Haven, CT. This transaction was arranged by Moshe Lipschitz and Jack Beida.
  • A $900,000 first lien mortgage for the acquisition of a 111,702-square-foot retail center on Allegheny Blvd. in Franklin, PA. This transaction was arranged by Marc Tropp.

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Hunt Mortgage Group  provided two Fannie Mae small balance loan facilities with an investment of $10.3 million.

  • Urban 55 Apartment Homes at 5038 North 55th Ave. in Glendale, Arizona, a garden-style apartment property with 12 buildings and a total of 209 units. The loan will have an initial three-years of interest only payments, followed by a 30-year amortization schedule and will be used to pay off the existing loan with cash-out proceeds being used to continue remodeling the property.
  • Urban Edge Apartment Homes received $10.3 million to refinance the garden-style multifamily property comprised of five residential buildings with 24 units. The property at 4038 & 4116 East McDowell Road in Phoenix, Arizona. The loan has a fixed rate for the initial ten years of the loan, followed by 10-years of floating rate payments. The loan will have an initial three years of interest only payments, followed by a 30-year amortization schedule.

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