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TRANSACTIONS: Meridian cuts $9M loan in the Bronx, GCP finances $16.5M apartment in Brooklyn

Meridian Capital announced the following transactions:

• A new mortgage in the amount of $9,000,000 on a six-story, 123-unit multifamily property located on Henry Hudson Parkway in Riverdale, NY. The loan features an initial rate of 3.375% and a five-year term. Israel Schubert and David Cohen negotiated this transaction.

• A new mortgage of $5,400,000 was placed on a 63-unit multifamily property located on Woodycrest Avenue in the Bronx, NY. The loan features an initial rate of 3.50% and a seven-year term. This transaction was negotiated by Charles Grussgott and Michael Helmreich.

• A new mortgage in the amount of $4,800,000 on a 35-unit multifamily property located on 58th Street in Queens, NY.The loan features an initial rate of 2.99% and a five-year term. Joseph Taub and Eric Chapek negotiated this transaction.

• A new mortgage of $4,700,000 was placed on a 22-unit multifamily property located on Garfield Avenue in Jersey City, NJ. The loan features an initial rate of 3.50% and a five-year term. This transaction was negotiated by Chaim Tessler.

• A new mortgage in the amount of $4,300,000 on a 30-unit multifamily property located on East 142nd Street in the Bronx, NY. The loan features a rate of 3.50% and a five-year term. David Bollag negotiated this transaction.

• A new mortgage of $4,300,000 was placed on a 33-unit multifamily property located on Amsterdam Avenue in New York, NY. The loan features an initial rate of 3.375% and a five-year term. This transaction was negotiated by David Ganz and Eric Chapek.

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GCP Capital Group LLC has arranged mortgage financing in the aggregate amount of $49,899,000 for the following properties:

• $16,511,000 for a four-story multifamily apartment building containing 58 units, located in the Cobble Hill section of Brooklyn, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.

• $10,238,000 for a newly developed, seven-story multifamily apartment building containing 12 units, located in the Greenpoint section of Brooklyn, New York. Matthew Albano, Managing Director of GCP Capital Group, arranged the financing for this transaction.

• $10,000,000 for a six-story multifamily apartment building containing 76 units, located in the Fordham Heights section of the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.

• $8,150,000 for a five-story multifamily apartment building containing 6 units and 4,600 square feet of commercial space, located on Broadway in Manhattan, New York. David Sessa, Managing Director, and Louis Perlmutter, Senior Broker of GCP Capital Group, arranged the financing for this transaction.

• $5,000,000 for two adjacent multifamily apartment buildings containing a total of 12 units and 2,500 square feet of ground floor commercial space, located on Thompson Street in Manhattan, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.

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The following transactions were announced by Eastern Union Funding:

• A $27,800,000 first lien mortgage for the refinance of a 384-unit multifamily on Providence Dr in Southfield, MI. This transaction was arranged by Nate Hyman and David Metzger.

• A $14,472,000 first lien mortgage for the acquisition of a 176-unit multifamily on Flat Shoals Rd SE in Atlanta, GA. This transaction was arranged by Simcha Margolis.

• A $9,000,000 first lien mortgage for the refinance of a 6 unit, 2 building multifamily portfolio on Van Sinderen Ave in Brooklyn, NY. This transaction was arranged by Jeffrey Seidenfeld.

• A $6,216,000 first lien mortgage for the acquisition of a 152-unit multifamily on Reusens Rd in Lynchburg, VA. This transaction was arranged by Adelle Ross.

• A $5,000,000 first lien mortgage for the refinance of a healthcare on Butz Rd in Maumee, OH. This transaction was arranged by Phil Krispin and Isaac Sternhill and Nachum Soroka.

• A $5,000,000 first lien mortgage for the refinance of an industrial property on W Barker Ave in Michigan City, IN. This transaction was arranged by Phil Krispin and TJ Liebes.

• A $3,900,000 first lien mortgage for the refinance of a 38-unit multifamily on Park Ave in Yonkers, NY. This transaction was arranged by Michael Muller.

• A $3,800,000 first lien mortgage for the acquisition of an 87-unit multifamily on Stephanie Ave in Kingsland, GA. This transaction was arranged by Judah Aderet and Adelle Ross.

• A $3,038,000 first lien mortgage for the acquisition of a 16-unit multifamily on Belmont Ave in Springfield, MA. This transaction was arranged by David Metzger and Nate Hyman.

• A $2,950,000 first lien mortgage for the refinance of a 9-unit multifamily on Buffalo Ave in Brooklyn, NY. This transaction was arranged by Herman Werzberger and Abraham Bergman.

• A $2,500,000 first lien mortgage for the refinance of a 98-unit multifamily on S Bethany St in Kansas City, KS. This transaction was arranged by David Metzger and Nate Hyman.

• A $1,880,000 first lien mortgage for the acquisition of a 21-unit multifamily on W Chester Pike in Ridley Park, PA. This transaction was arranged by Michael Muller.

• A $1,600,000 first lien mortgage for the acquisition of a 7-unit multifamily on Carroll St in Brooklyn, NY. This transaction was arranged by Jonathan Singer.

• A $1,500,000 first lien mortgage for the refinance of an 8-unit mixed-use on Granite St in Brooklyn, NY. This transaction was arranged by Michael Muller and Moshe Lipschitz.

• A $1,150,000 first lien mortgage for the refinance of a 9-unit multifamily on Autumn Ave in Brooklyn, NY. This transaction was arranged by David Singer.

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Love Funding closed a $7.9 million bridge loan used to build a new 46-bed memory care center in Las Vegas. Love Funding Senior Director Leonard A. Lucas of the Boston office obtained the bridge loan from Love Funding’s parent company, Midland States Bank. The bridge financing was needed because the timing of the FHA construction financing did not fit the borrower’s development timeframe.

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