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TRANSACTIONS: GCP Capital arranges $41M in mortgage financing

GCP Capital Group arranged mortgage financing in the aggregate amount of $41,142,000 for the following properties:
• $14,000,000 for a five-story multifamily apartment building containing 94 units, located on East 134th Street in the Bronx, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $10,250,000 for a nine-story multifamily apartment building containing 120 units, located in the Highbridge section of the Bronx, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $8,992,000 combined financing for three two-story multifamily apartment buildings containing a total of 100 apartments, located in the Camden and Monmouth counties of New Jersey. Stephen Katz, Managing Director of GCP Capital Group, arranged the financing for these transactions.
• $7,900,000 for three contiguous multifamily apartment buildings containing a total of 57 units and 4,600 square feet of commercial space, located on Amsterdam Avenue in Manhattan, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
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Eastern Union Funding announced the following transactions:
• A $45,000,000 first lien mortgage for the acquisition of a 21-unit multifamily on S Michigan Ave,S Martin Luther King Dr in Chicago, IL. This transaction was arranged by Jeffrey Seidenfeld.
• A $20,000,000 first lien mortgage for the refinance of a healthcare facility on 2nd Ave NW in Plainview, MN. This transaction was arranged by Phil Krispin and Nachum Soroka.
• A $10,887,500 first lien mortgage for the refinance of a 10-unit office building on Grand St in Paterson, NJ. This transaction was arranged by Abraham Bergman and Yossi Orzel.
• A $9,200,000 first lien mortgage for the refinance of a 29-unit multifamily on 19th St in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz.
• An $8,425,000 first lien mortgage for the acquisition of a 2 property, 61-unit multifamily on Decatur Ave in Bronx, NY. This transaction was arranged by Michael Muller.
• A $7,000,000 first lien mortgage for the acquisition of a 21-unit multifamily on Union Ave in Brooklyn, NY. This transaction was arranged by Chaim Greenfeld and David Eisen.
• A $6,187,500 first lien mortgage for the acquisition of a 49-unit mixed-use on E 178th St in Bronx, NY. This transaction was arranged by Jonathan Singer, David Metzger and Nate Hyman.
• A $3,650,000 first lien mortgage for the refinance of a 9-unit multifamily on Park Ave in Newark, NJ. This transaction was arranged by David Singer.
• A $3,500,000 first lien mortgage for the refinance of an 8-unit shopping center on Jamaica Ave in Jamaica, NY. This transaction was arranged by Efraim Perlowitz.
• A $3,150,000 first lien mortgage for the refinance of a 6-unit multifamily on Cypress Ave in Ridgewood, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
• A $2,250,000 first lien mortgage for the refinance of a mixed-use portfolio in Brooklyn, NY. This transaction was arranged by Alex Freund.
• A $2,000,000 first lien mortgage for the refinance of a 102-unit multifamily on Chicago W in Detroit, MI. This transaction was arranged by Nate Hyman and David Metzger.
• A $2,000,000 first lien mortgage for the refinance of a 3-unit shopping center on Sutphin Blvd in Jamaica, NY. This transaction was arranged by David Merkin and Marc Tropp.
• A $1,913,000 first lien mortgage for the acquisition of a 4-unit multifamily on E 95th St in Brooklyn, NY. This transaction was arranged by Isaac Weiss.
• A $1,800,000 first lien mortgage for the refinance of a 2-unit multifamily in Far Rockaway, NY. This transaction was arranged by Yoel Perlstein.
• A $1,700,000 first lien mortgage for the refinance of a 45-unit multifamily on White Horse Pike in Collingswood, NJ. This transaction was arranged by Yossi Orzel and Abraham Bergman.
• A $1,402,000 first lien mortgage for the acquisition of a 4-unit multifamily on Grove St in Ridgewood, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
• A $1,200,000 first lien mortgage for the refinance of a 4-unit mixed-use on Tilden Ave in Brooklyn, NY. This transaction was arranged by Meir Kessner and David Eisen.
A $2,000,000 first lien mortgage for the refinance of a 2 multifamily properties in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz.
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Cronheim Mortgage announced the following transactions:
• $7.2 million in financing for a prime industrial property located in Hackensack, Bergen County, New Jersey. The loan was structured on a 15/25 basis with a 4.18 percent interest rate and was placed with Southern Farm Bureau Life Insurance Company, whom Cronheim represents as a correspondent and servicer. The subject property encompasses three, free-standing structures and approximately 100,000 s/f of flex space. The largest building, previously leased to Restaurant Depot which accounted for 85 percent of the leasable area, was gut renovated in early 2016 and re-leased in less than six months. The property is 100 percent occupied by 20 tenants including a sign manufacturer, bakery production center, DJ and entertainment company, and indoor trampoline and adventure park, among others. The loan was originated and placed by Dev Morris, Allison Villamagna, and Andrew Stewart.
• Cronheim Mortgage secured $6.0 million in financing for Village Walk, a 60,000 s/f retail property located along the Route 70 retail corridor in Cherry Hill, NJ. The loan was structured with a 5-year term and was placed with a local New Jersey bank. The property is currently 100 percent leased to 14 tenants The lender was able to provide aggressive proceeds and a competitive rate based on the strong sponsorship and property performance. Historical occupancy has been 92 percent or better for the last 10 years. The loan was originated and placed by Allison Villamagna, Andrew Stewart, and Dev Morris.
• A $10 million convertible bridge facility for two adjacent industrial properties totaling 267,000 s/f. The seven-year loan offers a two-year variable rate interest only period followed by a five-year fixed rate term loan. After suffering a couple vacancies and with a short term remaining on the anchor tenant lease, the sponsor needed to recapitalize to re-lease the property. He wanted to earn out funds at stabilization to monetize some of the value creation. Cronheim was successful in structuring a debt facility that offers both an IO bridge period with fundings for tenant improvements, leasing commissions and capex followed by a sizable earn-out during an amortizing period.
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Cronheim Hotel Capital (CHC) has arranged cash-out financing of $10,000,000 for the Holiday Inn Express located in Camp Springs, Maryland. The loan was placed with a national lender and offered a 10-year term and 30-year amortization. The rate was locked at 4.54%. David Turley, principal of CHC, announced the transaction.

 

 

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