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TRANSACTIONS: Meridian inks $12.7M loan, GCP secures $10M loan in Jersey

Meridian Capital announced the following transactions:

• A new mortgage of $12,706,000 on a 46-unit multifamily property located on Middletown Road in the Bronx, NY. The loan features a rate of 3.625% and a seven-year term. Eli Serebrowski and Jacob Schmuckler negotiated this transaction.

• A new mortgage of $7,000,000 on a 72-unit cooperative property located on Broadway in New York, NY. The loan features a rate of 3.625% and a 10-year term. This transaction was negotiated by Avi Geller and Nicoletta M. Pagnotta.

• Two new mortgages in the total amount of $9,400,000 on two mixed-use properties located on St Nicholas Avenue in New York, NY. The loans feature rates of 3.625% and five-year terms. Michael Kesselman and Kerry Brick negotiated this transaction.

• A new mortgage of $5,000,000 on an 80-unit cooperative property located on East 77th Street in New York, NY. The loan features a rate of 3.625% and a 10-year term. This transaction was negotiated by Steve Geller and Nicoletta M. Pagnotta.

• A new mortgage in the amount of $4,000,000 on a 23-unit multifamily property located on West 100th Street in New York, NY. The loan features a rate of 3.625% and a five-year term. Jacob Rochlitz and Morris Diamant negotiated this transaction.

• A new mortgage of $645,000 on a single-unit multifamily property located on Groshon Avenue in Yonkers, NY. The loan features a rate of 3.50% and a three-year term. This transaction was negotiated by Morris Diamant and Tzvi Krieger.

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GCP Capital Group arranged mortgage financing for the following properties:

• $5,420,000 for two two-story garden apartment buildings containing a total of 44 units, located in Little Ferry, New Jersey. Stephen Katz arranged the financing.

• $5,000,000 for a three-story loft-office building comprised of 29,360 square feet, located on Meadow Street in Brooklyn. David Sessa arranged the financing.

• $4,070,000 for a six-story multifamily apartment building containing 96 units, located on 19th Avenue in Brooklyn, New York. Paul Greenbaum arranged the financing.

• $3,850,000 for a five-story multifamily apartment building containing 35 units, located on Kossuth Avenue in the Bronx, New York. Adam Brostovski arranged the financing.

• $3,100,000 for a four-story multifamily apartment building containing 9 units, located in the Bedford-Stuyvesant neighborhood of Brooklyn. George Spanos arranged the financing for this transaction.

• $10,000,000 for a seven-story office/commercial building containing 56,750 square feet of office space and 6,250 square feet of ground floor commercial space, located in Jersey City, New Jersey. Paul Greenbaum arranged the financing for this transaction.

• $8,500,000 for a six-story mixed-use building containing five apartments and approximately 4,500 square feet of ground floor retail space, located on East 80th Street in Manhattan. Matthew Albano arranged the financing.

• $3,750,000 for a five-story multifamily apartment building containing 35 units, located on Walton Avenue in the Bronx. Adam Brostovski arranged the financing.

• $3,425,000 for two contiguous four-story multifamily apartment buildings containing a total of 16 units, located on St. Marks Avenue in Brooklyn. Matthew Classi arranged the financing.

• $2,300,000 blanket financing for a one-story, single tenant commercial building comprised of 3,450 square feet, located in Hicksville and a gas station with a one-story convenience store comprised of 2,400 square feet, located in Bethpage. David Sessa arranged the financing.

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Progress Capital announced the following transactions:

• A $5,265,000 non-recourse permanent mortgage for West of Hudson Properties’ purchase of a two-building 70-unit apartment complex at 10-36 Osborne Terrace and 9 Hedden Terrace in Newark, NJ. The loan is five years interest-only at a fixed rate of 3.86%. The loan represents a 65% Loan to Purchase Price accompanied by a 20 year term and 30 year amortization. After the 5 year interest-only period the rate will reset at 6 month LIBOR + 3.25%. In addition, The borrower will adhere to a 3-1-0-0-0 declining prepayment schedule. Progress Capital’s Brad Domenico arranged the transaction.

Brad Domenico negotiated $3,600,000 in the refinance of the 2-story 26,182 s/f retail building located at 134-140 Smith Street in Perth Amboy. At the time of the refinance the borrower had just completed the fit-out for ‘Blink Fitness’ to occupy the second floor space under a 15 year lease agreement. The proceeds will be utilized to retire existing debt on the property and recapture $1,666,000 in equity that will fuel the borrowers continued acquisitions of retail, mixed-use and multifamily buildings throughout New Jersey. This loan represent a 65% loan to value and is accompanied by a 7 year fixed rate of 4.25% amortized over 30 years with a five year extension option.

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G.S. Wilcox & Co. secured $9,850,000 in financing for three flex buildings located in the Allaire Corporate Campus in Wall Township, New Jersey. The financing, arranged by David Fryer, was secured on a 10 -year term through Thrivent Financial for Lutherans, one of the firm’s correspondent lenders. The three assets were 100% leased to three tenants with several years remaining on each lease.

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Emerald Creek announced the following transactions:

• A $4,000,000 acquisition loan in Mooresville, NC. The subject property is a shopping center with 17 retail suites across 44,245 SF of gross leasable area. The loan was originated by managing director Jeff Seidler.

• A $3,700,000 acquisition and building loan in the Carroll Gardens neighborhood of Brooklyn, NY. The subject property is a three-story townhouse that will upon completion will contain four condominium units totaling 5,445 SF. The loan was originated by Jeff Seidler.

• A $2,000,000 refinance in downtown Brooklyn NY secured by a 21,780 SF parking garage within a luxury residential tower. The loan was originated by Jeff Seidler.

• A $7,400,000 refinance in Williamsburg, Brooklyn. The property is a four-story mixed-use building with 17 residential units and 3 commercial units. The loan was originated by managing director Mike Cleaver and arranged by Meridian Capital Group.

• A $6,500,000 refinance in downtown Pittsburgh, PA. The subject property is a 25-story office building containing 114,883 SF of net rentable area. The loan was originated by Mike Cleaver.

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Washington Trust’s Commercial Real Estate Group provided $2.7 million for the refinancing of a multi-tenant flex commercial property in Wallingford, Connecticut. The one-story building includes 41,284 s/f of office and industrial space located directly off of Interstate-91, within Barnes Industrial Park in Wallingford. Julia Anne M. Slom, senior vice president & Team Leader made the announcement.

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W Financial has provided the following bridge loans which were handled by Jarret Schochet, David Heiden, Andrew Singer and TJ Randall:

• A $1,000,000 bridge loan utilized to acquire three contiguous buildings located in a Boston suburb. Our collateral consists of twenty residential units and two commercial units. The borrower required a bridge loan in order to facilitate a time-of-the-essence closing and plans to refinance W’s bridge loan with conventional bank financing in the near future.

• A $600,000 acquisition loan for the purchase of a condominium unit located in a full-service, luxury condominium building in the Gramercy Park neighborhood of Manhattan. The borrower required a bridge loan in order to facilitate a time-of-the-essence closing.

• A $4,950,000 net position in a first mortgage bridge loan secured by a two-story, approximately 2,200 s/f, two-story commercial building on Lexington Avenue between 79th and 78th Streets on the Upper East Side of Manhattan. The property is envisioned as one component of an assemblage for future development. The borrower is seeking to acquire neighboring parcels and additional development rights in order to enhance the overall development potential of the site/assemblage. The borrower plans to repay the W Financial bridge loan upon the eventual sale of the completed assemblage or upon the closing of a construction loan once his development plans have been completed and approved.

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