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TRANSACTIONS: Meridian Capital, Brick Capital, GCP and more

Meridian Capital announced the following transactions:
• A new mortgage in the amount of $7,200,000 on a four-story, 24-unit multifamily property located on Rogers Avenue in Brooklyn, NY. The loan features an initial rate of 3.50% and a five-year term. Morris Diamant and Jacob Rochlitz negotiated this transaction.
• A new mortgage of $6,800,000 on an 18-unit multifamily property located on West 11th Street in New York, NY.The loan features a rate of 3.75% and a five-year term. This transaction was negotiated by Zev Feder.
• A new mortgage in the amount of $5,400,000 on a 30-unit multifamily property located on West End Avenue in Long Branch, NJ. The loan features an initial rate of 3.83% and a five-year term. Avi Weinstock and Chaim Tessler negotiated this transaction.
• A new mortgage of $2,400,000 was placed on a five-story, 22-unit multifamily property located on Luquer Street in Brooklyn, NY. The loan features an initial rate of 3.60% and a seven-year term. This transaction was negotiated by Jacob Nefoussi.
• A new mortgage in the amount of $1,700,000 on a 39-unit cooperative property located on West 114th Street in New York, NY. The loan features a rate of 3.65% and a 10-year term. Michael Ryback and Judah Hammer negotiated this transaction.
• A new mortgage of $1,000,000 was placed on a 26-unit cooperative property located on West 76th Street in New York, NY.The loan features a rate of 3.60% and a 10-year term. This transaction was negotiated by Jay Schwerd and Nicoletta M. Pagnotta.
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Brick Capital Partners LLC announced the following transactions:
• Through an affiliate entity, Brick Capital provided a first mortgage in the amount of $1,500,000. Located in the Mott Haven section of The Bronx, the collateral is comprised of a four-story walk-up apartment building that contains 28 residential apartments and 2 stores. The interest only loan was closed within 10 days of application.
• Through an affiliate entity, Brick Capital provided a blanket first mortgage in the amount of $1,550,000 to a private real estate group. Located in the Boerum Hill section of Brooklyn, the collateral is comprised of a vacant three story walk-up apartment building as well as partially occupied 4 story walk-up apartment building. The loan proceeds are to be utilized for the renovation of the buildings. Marc Hershberg of Friedman-Roth Realty Services LLC arranged the financing on behalf of the borrower.
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Dansker Realty Capital LLC, a direct lender, has provided a $650,000 acquisition loan to a professional real estate investor to purchase a fully occupied medical condominium unit in Brighton Beach, Brooklyn. The transaction was arranged by Lowell Dansker, Principal.
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Eastern Union Funding announced the following transactions:
• A $40,500,000 first lien mortgage for the refinance of a retail property on Manhattan Ave in Brooklyn, NY. This transaction was arranged by Ira Zlotowitz and Meir Kessner.
• A $7,250,000 first lien mortgage for the refinance of a 6-unit retail property on University Blvd. E in Hyattsville, MD. This transaction was arranged by Marc Tropp and David Merkin.
• A $3,290,000 first lien mortgage for the refinance of a 62-unit multifamily on Oxford Ave in Philadelphia, PA. This transaction was arranged by Nate Hyman and David Metzger.
• A $3,000,000 first lien mortgage for the refinance of a 54-unit multifamily on Bustleton Ave in Philadelphia, PA. This transaction was arranged by Nate Hyman and David Metzger.
• A $2,654,000 first lien mortgage for the refinance of a 6-unit multifamily on Madison St. in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
• A $2,070,000 first lien mortgage for the refinance of a unit retail property on Wilmington Pike in Centerville, OH. This transaction was arranged by Chesky Gross.
• A $2,000,000 first lien mortgage for the refinance of a 63-unit multifamily on Hamsted St in Fort Worth, TX. This transaction was arranged by Moti Amsel and Ira Zlotowitz.
• A $1,800,000 first lien mortgage for the refinance of a multifamily property on Woodbine St in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
• A $1,220,010 first lien mortgage for the refinance of a 4-unit multifamily on Underwood St. in Newark, NJ. This transaction was arranged by Ira Zlotowitz.
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GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $30,455,000 for the following properties:
• $11,000,000 for a three-story multifamily apartment building containing 45 units, located in Jersey City, New Jersey. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $6,550,000 for a five-story multifamily apartment building containing 53 units, located on Ryer Avenue in the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
• $5,250,000 for the acquisition of an existing commercial property to be developed into a ten-story condominium office building comprised of approximately 97,800 gross square feet, located on Queens Boulevard in Woodside, New York. Matthew Albano, Managing Director of GCP Capital Group, arranged the financing for this transaction.
• $4,655,000 for a garden style apartment complex comprised of four buildings with a total of 24 apartments, located in West Babylon, Suffolk County, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $3,000,000 combined financing for two four-story multifamily apartment buildings containing a total of 22 units, located in the Brooklyn Heights and Park Slope neighborhoods of Brooklyn, New York. Stephen Katz, Senior Associate of GCP Capital Group, arranged the financing for these transactions.
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HKS Capital Partners arranged a $8.385 million loan for the refinance of a two-story medical office for New York Presbyterian Hospital on 187th Street in Flushing, Queens. The building is 12,000 s/f with a 4,000 s/f basement level. The non-recourse loan provided by Investors Saving Bank, features a five-year term at an interest rate of 3.75 percent. The transaction was negotiated by John Harrington.
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Houlihan-Parnes Realtors, LLC announced the following transactions:
• Ed Graf arranged a 1st mortgage re-financing for a two-story retail building. The property contains 12,500 s/f of rentable space, and is located at 400-422 East Sanford Blvd., Mount Vernon, New York. The non-recourse loan for $4,950,000 is fixed at 4.0% for five years with a 30 year amortization schedule. The borrower has a 5 year option. The loan can be prepaid with a declining prepayment premium at a descending rate
• Ed Graf arranged a 1st mortgage re-financing for a one-story strip shopping center. The property contains 12,600 s/f of rentable space, and is located at 3408-3418 Boston Post Road, Bronx, New York. The non-recourse loan for $2,125,000 is fixed at 4.0% for five years with a 30 year amortization schedule. The borrower has a 5 year option. The loan can be prepaid with a declining prepayment premium at a descending rate.
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Love Funding announced the closing of a $6.49 million loan for the refinance and rehabilitation of Orlando Cloisters, an age-restricted affordable community in Orlando, Florida. Orlando Cloisters is an 11-story building offering Section 8 efficiency and one-bedroom units to residents 62 years and older. The 101-unit community is located in a mixed-use neighborhood south of downtown Orlando. Love Funding Senior Director Tammy Tate secured the loans through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing, $2.9 million of which will be used to provide non-critical improvements and upgrades to the property. The mortgagor is a non-profit that originally developed the property in 1984 with a HUD Section 202 mortgage. BREC Development, LLC will oversee improvements and upgrades to the property. The existing Housing Assistance Payments (HAP) contract will be terminated and replaced by a new 20-year HAP contract. The property will continue to be managed by SPM Property Management.
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Marcus & Millichap Capital Corporation announced the following transactions:
• A $1,300,000 loan for the acquisition of a six-unit multifamily building located on West 21st Street in the Chelsea neighborhood of Manhattan. The transaction was arranged by Andrew Dansker.
• A $1,300,000 loan to refinance two mixed-use properties in the Bushwick neighborhood of Brooklyn. The transaction was arranged by Andrew Dansker and Matt Michelson.
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Select Commercial Funding LLC announced the following closed transactions. All loan transactions were negotiated by Stephen A. Sobin, President and Founder of Select Commercial.
• $5,950,000 blanket refinance of 29 small multi-family properties (4-5 units each) located in Troy, Ohio. The borrower received a 10-year fixed rate and a 30-year amortization. The loan was non-recourse and provided cash out to the owner.
• $1,000,000 refinance of a retail strip shopping center located in Huntington (Long Island), New York. The property contained 10 retail stores totaling 10,329 square feet of space located on a one-acre site. The property was 80% occupied at closing. The borrower received a 5-year ARM, 25-year amortization and no balloon payment.
• $2,700,000 refinance of a 6-tenant retail shopping center, containing 27,125 feet of space, located in Conroe, Texas (a suburb of Houston). The borrower received a 10-year fixed rate, 30-year amortization, and non-recourse.
• $1,750,000 cash-out refinance of a 5-family historic brownstone located in New York’s Greenwich Village. The borrower received a 10-year fixed rate, 30-year amortization, and non-recourse.
$800,000 refinance of an owner-occupied office/warehouse located in Fairfield, New Jersey. The borrower received a 5-year fixed rate and a 25-year amortization. The loan allowed the owner to refinance maturing higher rate debt.

 

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