Transactions: Meridian’s $12.8m loan in Brooklyn, Houlihan Parnes’ $6.6M in CT

Meridian Capital announced the following transactions:

  • A new mortgage in the amount of $12,800,000 on a 13-story, 35-unit condominium property located on Grove Street in Brooklyn, NY. The loan features a rate of 3.76% and a seven-year term. Judah Hammer and Daniel Neiss negotiated this transaction.
  • A new mortgage of $12,790,000 was placed on a five-story, 24-unit mixed-use property located on Second Avenue in New York, NY. The loan features an initial rate of 3.625% and seven-year term. This transaction was negotiated by Morris Diamant and Jacob Rochlitz.
  • A new mortgage in the amount of $4,200,000 on a four-story, five-unit multifamily property located on Second Avenue in New York, NY. The loan features an initial rate of 3.625% and a seven-year term. Morris Diamant and Jacob Rochlitz negotiated this transaction.
  • A new mortgage of $2,480,000 was placed on three multifamily properties comprised of 47 units located on Knorr Street, Dungan Road and Faunce Street in Philadelphia, PA. The loan features an initial rate of 3.50% and a five-year term. This transaction was negotiated by Barry Lefkowitz and Shalom Krohn.
  • A new mortgage in the amount of $2,000,000 on a five-unit multifamily property located on Irving Avenue in Brooklyn, NY. The loan features a rate of 3.50% and a five-year term. Charles Grussgott and Michael Helmreich negotiated this transaction.
  • A new mortgage of $1,250,000 was placed on a 9-story, 110-unit cooperative property located on East 57th Street New York, NY. The loan features a rate of 3.875% and a six-year term. This transaction was negotiated by Steve Geller and Nicoletta M. Pagnotta.

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James J. Houlihan of Houlihan-Parnes Realtors and Andy Greenspan of GHP Office Realty announced the placement of a new first mortgage in the amount of $6,600,000 on a property located at 131 Danbury Road in Danbury, Wilton, CT. The property is improved by a flex office building with approximately 52,500 square feet. The vast majority of the building is rented on a long term lease to Omnicom Group Inc. The balance of the space is rented on a long term lease Enterprise Rent-A-Car.

The loan was placed with a local institution on a floating rate basis. The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP.

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Marcus & Millichap Capital Corporation announced the following transactions:

  • Two loans totaling $1,683,000 for the acquisition of two single-tenant net-leased retail assets located in Arkansas and Minnesota. The transactions were arranged by Andrew Dansker and Lior Goldberg.
  • A $1,335,000 loan for the acquisition of a six-unit multifamily building located on Lafayette Avenue in the Bed-Stuy neighborhood of Brooklyn. The transaction was arranged by Andrew Dansker and Lior Goldberg.
  • A $1,168,000 loan to refinance a 47-unit multifamily property located in Toledo, Ohio. The nonrecourse agency transaction was arranged by Andrew Dansker.

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Eastern Union Funding announced the following transactions:

  • A $48,285,000 first lien mortgage for the refinance of a 122-unit mixed-use on Nonconnah Blvd in Memphis, TN. This transaction was arranged by Ira Zlotowitz and Michael Muller.
  • An $18,000,000 first lien mortgage for the acquisition of a 5-unit office building in Beavercreek, OH. This transaction was arranged by Ira Zlotowitz and Michael Muller.
  • An $8,500,000 first lien mortgage for the refinance of an 8-unit multifamily on Boerum St in Brooklyn, NY. This transaction was arranged by David Eisen and Meir Kessner.
  • A $6,500,000 first lien mortgage for the acquisition of a 19-unit multifamily on Clifton Pl in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
  • A $6,100,000 first lien mortgage for the acquisition of a 120-unit healthcare facility on S Mohawk Dr. in Erwin, TN. This transaction was arranged by Phil Krispin and Jonathan Singer.
  • A $2,950,000 first lien mortgage for the refinance of an industrial property on Old Fulton St in Brooklyn, NY. This transaction was arranged by Jeffrey Seidenfeld.
  • A $2,500,000 first lien mortgage for the refinance of a 16-unit multifamily on Union St. in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz, Mendy Pfeifer and Motti Blau.
  • A $2,450,000 first lien mortgage for the acquisition of a 16-unit mixed-use on Georgia Ave NW in Washington, DC. This transaction was arranged by Marc Tropp and David Merkin.
  • A $2,105,000 first lien mortgage for the refinance of a multifamily on New York Ave in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
  • A $1,900,000 first lien mortgage for the refinance of a 24-unit industrial on W. Commodore Blvd in Jackson, NJ. This transaction was arranged by Jeffrey Seidenfeld.
  • A $1,800,000 first lien mortgage for the acquisition of an industrial property on E 98th St in Brooklyn, NY. This transaction was arranged by Michael Muller.
  • A $1,174,000 first lien mortgage for the acquisition of a retail property on Long Beach Rd in Oceanside, NY. This transaction was arranged by Moti Amsel.
  • A $1,155,000 first lien mortgage for the acquisition of an 11-unit multifamily on Prospect St in Ramapo, NY. This transaction was arranged by Motti Blau.

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GCP Capital Group  arranged mortgage financing in the aggregate amount of $49,800,000 for the following properties:

  • $17,000,000 for a five-story multifamily apartment building containing 73 apartments and 3,500 square feet of commercial space, located on St. Nicholas Avenue in Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
  • Construction financing in the amount of $10,900,000 for the ground up development of a luxury multifamily rental building containing 35 luxury apartments and approximately 35,600 square feet of ground floor commercial space, located in Upper Manhattan. Matthew Albano, Managing Director, and Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for this transaction.
  • $9,900,000 for a six-story multifamily apartment building containing 73 units, located on Britton Avenue in Queens, New York. Alan Perlmutter arranged the financing for this transaction.
  • $6,000,000 for a one-story, 10,260 square foot, single tenant commercial building occupied by Rite Aid Pharmacy, located in Rockaway Park, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
  • $6,000,000 for a five-story office building comprised of approximately 60,000 net square feet, located on St. Marks Place in Staten Island, New York. Michael Charnowitz, Senior Associate of GCP Capital Group, arranged the financing for this transaction.

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MLK Real Estate Capital (MLK) arranged bridge financing on behalf of Rhodium Capital Advisors, LLC for the $5.85 million acquisition of 100 Franklin Square Drive, a 107,000 s/f office building located in Somerset, New Jersey. In conjunction with the acquisition of the property, the sponsor finalized a lease with a large, new tenant. The property is otherwise occupied by a diverse tenant mix including firms in the healthcare, education, insurance, technology, legal, and other sectors. The sponsor intends to invest significantly in capital improvements to the Property and to re-tenant  vacant spaces. Solomon Kinraich, the Managing Principal of MLK, made the announcement.

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