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Transactions: Meridian Capital issues $6.75M mortgage in Brooklyn, GCP handles $10M Bronx loan

Meridian Capital announced the following transactions:

  • A new mortgage in the amount of $6,750,000 on a 30-unit multifamily property located on Spencer Street in Brooklyn, NY. The loan features an initial rate of 3.50% and a two-year term. Michael Kesselman and Kerry Brick negotiated this transaction.
  • A new mortgage of $6,000,000 on a 46-unit multifamily property located on 18th Avenue in Brooklyn, NY. The loan features an initial rate of 3.625% and a five-year term. This transaction was negotiated by Morris Diamant and Joe Klein.
  • A $2,200,000 new mortgage on a 14-unit cooperative property located on East 83rd Street in New York, NY. The loan features a rate of 3.67% and a 10-year term. Avi Geller and Nicoletta M. Pagnotta negotiated this transaction.
  • A new mortgage of $2,250,000 was placed on a five-story, 28-unit multifamily property located on St. Lawrence Avenue in the Bronx, NY. The loan features an initial rate of 3.50% and a five-year term. This transaction was negotiated by Jacob Schmuckler and Sam Shifer.
  • A new mortgage in the amount of $1,600,000 on a six-story, 12-unit cooperative property located on East 69th Street in New York. The loan features a rate of 3.625% and a 10-year term. David Ganz and Eric Chapek negotiated this transaction.
  • A new mortgage of $1,200,000 was placed on seven-story, 31-unit cooperative property located on Christopher Street in New York, NY. The loan features a rate of 3.67% and a 10-year term. This transaction was negotiated by Nicoletta M. Pagnotta and Dawn Conforti.
  • A $5,900,000 new mortgage on a 120-unit cooperative property located on 18th Avenue in Queens, NY. The loan features an initial rate of 3.67% and a 10-year term. Nicoletta M. Pagnotta and Avi Geller negotiated this transaction.
  • Mortgages totaling $5,100,000 on two multifamily properties comprised of 57 units located on Davidson Avenue and East 182nd Street in the Bronx, NY. The loans feature initial rates of 3.51% and five-year terms. These transactions were negotiated by David Hayum and Luke Hingson.
  • A new mortgage in the amount of $4,500,000 on a six-unit multifamily property on Putnam Avenue in Brooklyn. The loan features an initial rate of 3.72% and a five-year term. Jacob Rochlitz and Joseph Akerman negotiated this transaction.
  • A new mortgage of $3,700,000 was placed by Meridian on a five-story, 18-unit multifamily property located on Adam C. Powell Boulevard in New York, NY. The loan features an initial rate of 3.375% and a five-year term. This transaction was negotiated by David Hayum and Luke Hingson.
  • A new mortgage in the amount of $3,400,000 on a six-story, 84-unit cooperative property located on Neilson Street in Queens, NY. The loan features an initial rate of 3.75% and a seven-year term. Michael Farkovits negotiated this transaction.
  • A new mortgage of $1,750,000 was placed on a 42-unit multifamily property located on East 25th Street in Chester, PA. The loan features an initial rate of 3.50% and a five-year term. This transaction was negotiated by Barry Lefkowitz and Isaac Weinberger.

GCP Capital Group arranged mortgage financing in the aggregate amount of $26,765,000 for the following properties:

  • $10,000,000 for a six-story multifamily apartment building containing 112 apartments, located on University Avenue in the Bronx. Paul Greenbaum, managing member, arranged the financing.
  • $8,490,000 combined financing for a newly built, five-story residential condominium building with 21 units and an existing four-story industrial building to be converted into a residential apartment building with 33 units, located in Long Island City. Matthew Albano, managing director, arranged the financing for these transactions.
  • A first position mortgage in the amount of $4,600,000 for a portfolio of nine multifamily apartment buildings containing a total of 75 units and 1 commercial unit, located throughout Manhattan and the Bedford-Stuyvesant section of Brooklyn. Michael Charnowitz, senior associate of GCP Capital Group, arranged the financing.
  • $3,675,000 for a five-story multifamily apartment building containing 10 apartments, located on the Upper West Side of Manhattan. Stephen Katz, senior associate, arranged the financing for this transaction.

Love Funding announced the following transactions:

  • A $9.9 million loan to purchase and rehabilitate Newman Court Apartments, a 172-unit affordable community in Pontiac, Michigan. The financing was secured 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 for a 35-year term. The City of Pontiac approved the property for payment in lieu of taxes (PILOT), which will set annual property taxes at 7 percent for the full length of the mortgage term. The ownership group, MHT, is a not-for-profit affordable housing corporation.
  • A $13.5 million bridge loan was arranged for the construction and mini-permanent financing of Fairhaven Harbor Apartments, a market-rate community in Bellingham, Washington. Fairhaven Harbor will offer commercial space on the first floor of a five-story building, along with 60 upscale apartments and penthouse units. There will also be two levels of parking. The bridge financing was secured by senior director James Vanar, with funding provided by Love Funding’s parent company, Midland States Bank.

Eastern Union Funding announced the following transactions:

  • An $8,900,000 first lien mortgage for the refinance of a multifamily on 4th Avenue, Prospect Avenue,7th Avenue,14th Avenue,5th Avenue in Brooklyn, NY. This transaction was arranged by Michael Muller.
  • A first lien mortgage of $7,900,000 was arranged for the refinance of a 21-unit multifamily on W 29th St, West 34th Street in Bayonne, NJ. This transaction was arranged by Michael Muller and Ira Zlotowitz.
  • A $4,000,000 first lien mortgage for the refinance of a 30-unit multifamily on Eastern Avenue in Baltimore, MD. This transaction was arranged by Marc Tropp.
  • Motti Blau and Mendy Pfeifer arranged a $3,056,000 first lien mortgage for the acquisition of a 14-unit mixed-use on Wilson Ave in Brooklyn, NY.
  • A $2,550,000 first lien mortgage for the refinance of a 6-unit multifamily on Himrod St in Brooklyn, NY. This transaction was arranged by David Metzger and Nate Hyman.
  • A $1,830,000 first lien mortgage for the refinance of a 18-unit office building on Broadway in Woodmere, NY. This transaction was arranged by Jonathan Singer.
  • A $1,500,000 first lien mortgage for the acquisition of a 14,472 s/f retail property on Belair Road in Nottingham, MD. This transaction was arranged by David Merkin and Marc Tropp.
  • A $1,200,000 first lien mortgage for the acquisition of a 13-unit mixed-use on Bergenline Ave in West New York, NJ. This transaction was arranged by Nate Hyman and David Metzger.
  • A $1,150,000 first lien mortgage for the refinance of a 3-unit multifamily on MacDonough St in Brooklyn, NY. This transaction was arranged by Jonathan Singer.

Uber Capital Group, led by president and founder Joel J. Gorjian, sourced an approximately $7 million, 5-year term permanent acquisition loan for the purchase of the Conestoga Mall in Grand Island, NE. The client was a private commercial real estate investment group. Uber obtained the financing from a regional lending institution. The largest shopping mall between Lincoln, NE and Denver, CO, the Conestoga Mall is a 611,719 s/f enclosed center anchored by Dillard’s, Sears and J.C. Penney. It was built in 1974 and expanded in 1979 and 1980.

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