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TRANSACTIONS: Eastern Union cuts $14M loan, GCP issues $13.5M mortgage

Meridian Capital announced the following transactions:

• A new mortgage in the amount of $4,400,000 on a 46-unit multifamily property located on West 159th Street in New York, NY. The loan features an initial rate of 3.375% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.

• A new mortgage of $3,600,000 on a 39-unit multifamily property located on East 73rd Street in New York, NY. The loan features an initial rate of 3.375% and a five-year term. This transaction was negotiated by Isaac Filler and Michael Helmreich.

• A new mortgage in the amount of $3,500,000 on a 25-unit multifamily property located on First Avenue in New York, NY. The loan features an initial rate of 3.50% and a five-year term. Isaac Filler and Michael Helmreich negotiated this transaction.

• A mortgage of $3,200,000 was placed on a 26-unit multifamily property located on Benson Street in the Bronx, NY. The loan features an initial rate of 3.50% and a five-year term. This transaction was negotiated by Sam Shifer and Jacob Schmuckler.

• A mortgage in the amount of $2,500,000 on a 15-unit multifamily property located on Coney Island Avenue in Brooklyn, NY. The loan features an initial rate of 3.375% and a five-year term. Moe Rosenblum and Meir Schlusselberg negotiated this transaction.

• A new mortgage of $1,600,000 on an 11-unit multifamily property located on East Seventh Street in New York, NY. The loan features an initial rate of 3.25% and a five-year term. This transaction was negotiated by David Ganz and Eric Chapek.

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The Bancorp closed a new mortgage of $9.5 million on a 294-unit apartment complex in Richmond, Virginia. The proceeds were used to acquire and reposition the propertin advance of an agency take-out. The five-year balance sheet loan features a floating rate of 30D LIBOR plus 375bps. The loan structure included a future funding of $3.6 million to upgrade the property’s common areas as well as individual units. The future funding was held on the Bancorp’s balance sheet resulting in no negative interest carry to the sponsorship group. The Sponsor owns and operates more than 10,000 multifamily units nationwide. The loan was negotiated by Meridian managing director Marvin Jermais.

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Brick Capital Partners LLC, through an affiliate entity, funded a second mortgage in the amount of $2,725,000 to a local real estate investor. The collateral is a five story Brownstone with both an office and residential tenants. The property was gut renovated in 2013 including the installation of an elevator. Eric Roth said the loan closed within two days.

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Denholtz Associates secured a 5-year, $9.2 million refinancing from Provident Bank on its 11 building, 264,163 s/f flex-industrial property on Chimney Rock Road and Kearney Street in Bridgewater and Bound Brook, N.J. Paul Barrood, CRE Relationship Manager III for Provident Bank, secured the financing for Denholtz. The refinancing will enable Denholtz Associates to complete a renovation plan throughout the portfolio that includes replacing all parking areas and roofs, as well as façade repairs to each building. Earlier this year, Denholtz completed the first phase of the renovation plan by replacing all parking surfaces and areas. The remainder of renovations is expected to be completed by Spring 2018.

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Eastern Union Funding announced the following transactions:

• A $14,250,000 first lien mortgage for the refinance of a 50-unit healthcare portfolio in Minnesota. This transaction was arranged by Nachum Soroka and Phil Krispin.

• A $10,395,000 first lien mortgage for the refinance of a 93-unit, 687,050 SF shopping center on Lycoming Mall Cirel in Pennsdale, PA. This transaction was arranged by Abe Kolman and Yaakov Charlap.

Nate Hyman and David Metzger arranged a $7,050,000 first lien mortgage for the refinance of a 24-unit multifamily portfolio in Connecticut.

• A $4,000,000 first lien mortgage as arranged by Isaac Sternhill for the refinance of a 7-unit office building on City Hall Plaza in Rahway, NJ.

• A $3,325,000 first lien mortgage for the refinance of a 5-unit mixed-use in Bronx, NY. This transaction was arranged by Moshe Lipschitz and Michael Muller.

• A $2,100,000 first lien mortgage for the refinance of a 10-unit multifamily on Franklin Ave in Brooklyn, NY. This transaction was arranged by Abe Kolman.

Michael Muller arranged a $1,885,000 first lien mortgage for the acquisition of a 24-unit multifamily on Gov Printz Blvd in Lester, PA.

• A $1,875,000 first lien mortgage for the refinance of a 3-unit multifamily on Jefferson Ave. in Brooklyn, NY. This transaction was arranged by Michael Muller and Moshe Lipschitz.

• A $1,722,000 first lien mortgage for the acquisition of a 25-unit mixed-use on Chester Pike in Glenolden, PA. This transaction was arranged by Michael Muller.

• A $1,500,000 first lien mortgage for the refinance of an 8-unit multifamily on Chauncey St in Brooklyn, NY. This transaction was arranged by Abraham Bergman and Eli Schwartz.

• A $1,358,000 first lien mortgage for the acquisition of a 24-unit mixed-use on Gov Printz Blvd in Lester, PA. This transaction was arranged by Michael Muller.

• A $1,000,000 first lien mortgage for the refinance of a 5-unit industrial property on W Merrick Rd in Valley Stream, NY. This transaction was arranged by Moshe Lipschitz.

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GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $40,550,000 for the following properties:

• $13,500,000 for a six-story multifamily apartment building containing 42 units and 8,100 square feet of commercial space, located on Broadway in Manhattan. Alan Perlmutter arranged the financing.

• $8,500,000 combined financing for two multifamily apartment buildings containing a total of 67 units with 2 ground floor commercial units, located in the Belmont and Norwood sections of the Bronx. Adam Brostovski arranged the financing.

• $7,000,000 for a six-story multifamily apartment building containing 40 units and 4,280 square feet of commercial space, located on West 190th Street in Manhattan. David Sessa and Louis Perlmutter arranged the financing.

• $6,450,000 for a six-story multifamily apartment building containing 72 units, located on Ocean Avenue in Brooklyn. Paul Greenbaum arranged the financing.

• $5,100,000 for a three-story multifamily apartment building containing 44 units, located in Hempstead, Nassau County. Matthew Albano arranged the financing.

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Ecclesiastical Realty Advisory Services assisted Cornerstone Baptist Church in Brooklyn securing a commercial mortgage that will allow the church to repair their property and develop new income. Jack Lerner, founding principal, secured $900,000 from Carver National Bank. The mortgage has an interest rate of 5.75 percent and a five-year term with a 25-year amortization schedule.

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Brad Domenico of Progress Capital negotiated a $7,000,000 non-recourse permanent mortgage loan to refinance existing debt on the mixed-use asset at 115-02 Jamaica Avenue, Richmond Hill, Queens. The 38,000 s/f building is fully occupied by Wavecrest Management Team, Crunch Fitness and Dollar Tree occupying the street-level retail. Representing a 60% loan to property value with 1 year of interest-only at 4.25%, the loan is subject to a 7 year term with a 5 year extension option, a fixed rate of 4.25%, 30 year amortization prepayment schedule.

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