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TRANSACTIONS: Meridian inks $8M Flushing loan, GCP arranges $30M in loans

Meridian Capital announced the following transactions:

• A new mortgage in the amount of $8,300,000 on a 68-unit multifamily property located on 148th Street in Flushing, NY. The loan features a rate of 3.75% and a seven-year term. Joseph Taub and Eric Chapek negotiated this transaction.

• Two new mortgages of $6,850,000 were placed on two multifamily properties totaling 104 units located on Eastern Parkway and President Street in Brooklyn, NY. The loans feature rates of 3.75% and five-year terms. These transactions were negotiated by Jacob Rochlitz and Morris Diamant.

• Two new mortgages in the amount of $5,000,000 on two 24-unit multifamily properties located on 79th Street in Jackson Heights, NY. The loans feature rates of 3.375% and five-year terms. Joseph Taub and Eric Chapek negotiated these transactions.

• A new mortgage of $4,450,000 was placed on a multifamily property totaling 29 units located on Creston Avenue in the Bronx, NY. The loan features a rate of 3.9% and a five-year term. This transaction was negotiated by David Bollag and Drew Anderman.

• A new mortgage in the amount of $3,100,000 on a five-unit multifamily property located on Lenox Avenue in New York, NY. The loan features a rate of 3.88% and a five-year term. Avi Weinstock and Michael Farkovits negotiated this transaction.

• A new mortgage of $1,470,000 was placed by Meridian on a 12-unit multifamily property located on Post Avenue in Staten Island, NY. The loan features a rate of 3.75% and a seven-year term. This transaction was negotiated by Sol Spitzer and David Cohen.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $29,106,000 for the following properties:

• $13,780,000 for a six-story multifamily apartment building containing 216 units, located on Jackson Street in Hempstead, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.

• $6,100,000 combined financing for a package of 5 multifamily apartment buildings containing a total of 95 units and 3,100 square feet of retail space, located in the Newark and Irvington sections of New Jersey. Paul Greenbaum, Managing Member, arranged the financing for these transactions.

• $4,500,000 for a to-be-developed four-story mixed-use building to contain 4 apartments and 7,500 square feet of commercial space, located on North 10th Street in Brooklyn, New York. Matthew Albano, Managing Director, arranged the financing for this transaction.

• $2,500,000 for a one-story retail strip center comprised of 11,000 square feet, located in Centereach, Suffolk County, New York. George Spanos, Senior Associate, arranged the financing for this transaction.
• $2,226,000 for a one-story retail strip center comprised of 13,200 square feet, located in Philadelphia, Pennsylvania. Michael Charnowitz, Senior Associate of GCP Capital Group, arranged the financing for this transaction.

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Eastern Union Funding announced the following transactions:
• A $13,500,000 first lien mortgage for the acquisition of a 117-unit healthcare on Powerville Rd in Boonton, NJ. This transaction was arranged by Phil Krispin, Moshe Feiner, and Nachum Soroka.

• A $5,700,000 first lien mortgage for the acquisition of a 30-unit mixed-use on 60th St in West New York, NJ. This transaction was arranged by Michael Muller.

• A $5,600,000 first lien mortgage for the refinance of a 33-unit multifamily on Bay 26th St,17th Ave in Brooklyn, NY. This transaction was arranged by Michael Muller and Jack Beida.

• A $5,562,000 first lien mortgage for the acquisition of a 26-unit multifamily on Park Ave in East Orange, NJ. This transaction was arranged by Michael Muller.

• A $4,800,000 first lien mortgage for the refinance of a 41-unit multifamily on Anderson Ave in Bronx, NY. This transaction was arranged by Nate Hyman and David Metzger.

• A $4,000,000 first lien mortgage for the refinance of a healthcare facility on 60th St in Brooklyn, NY. This transaction was arranged by Yossi Rubin, Nachum Soroka and Phil Krispin.

• A $3,512,015 first lien mortgage for the acquisition of a 11-unit shopping center on Colonel Glenn in Little Rock, AR. This transaction was arranged by Marc Tropp.

• A $3,187,800 first lien mortgage for the refinance of a 2-unit multifamily on Forrest St in Jersey City, NJ. This transaction was arranged by Meir Kessner and David Singer.

• A $2,700,000 first lien mortgage for the refinance of a 6-unit multifamily on Eldert St in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.

• A $2,000,000 first lien mortgage for the refinance of a 3-unit multifamily on Greene Ave,59th St in Ridgewood, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.

• A $1,875,000 first lien mortgage for the refinance of a multifamily on Miller Ave in Brooklyn, NY. This transaction was arranged by Yossi Orzel and Abraham Bergman.

• A $1,800,000 first lien mortgage for the refinance of a retail center on 59th St in Brooklyn, NY. This transaction was arranged by Jack Beida.

• A $1,345,000 first lien mortgage for the refinance of a 19-unit multifamily on Polk St in Hollywood, FL. This transaction was arranged by Josh Horowitz.

• A $1,100,000 first lien mortgage for the refinance of a 5-unit mixed-use on Broadway in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz.

• A $1,100,000 first lien mortgage for the refinance of a 7-unit mixed-use on W 145th St in New York, NY. This transaction was arranged by Moshe Lipschitz.

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MLK Real Estate Capital arranged permanent financing in the amount of $4,725,000 for the refinance of the multifamily properties at 366 and 366A Manhattan Avenue in the Greenpoint/Williamsburg neighborhoods of Brooklyn. The sponsor has invested in capital improvements to the property to take advantage of the growing rental demand in this submarket. The sponsor successfully repositioned the Property to be competitive among renters in the market. The five-year permanent loan sourced by MLK through Freddie Mac’s SBL program allowed the sponsor to recapture equity and return proceeds to investors. Ryan Carlson, Vice President of Capital Markets at MLK arranged the transaction

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W Financial announced the following transactions:

• A $1,200,000 first mortgage bridge loan collateralized by a three-story, approximately 3,000 s/f single-family house on 47th Street in Borough Park, Brooklyn. The property has been held in a family trust for several years and is currently being marketed for sale. The borrower is using the loan proceeds to make another investment and intends to repay the W Financial loan once the property has been sold.

• A $2,000,000 bridge loan secured by multiple pieces of collateral, which include a second mortgage on a 70% completed, new-construction, 7,600 s/f single-family home located on a waterfront parcel facing Manhasset Bay in Kings Point, Long Island; a second mortgage on a retail/office building located on Steinway Street in Astoria, Queens; and a third mortgage on a net-leased Walgreens located on Kissena Boulevard in Kew Gardens, Queens. The borrower required the bridge loan in order to complete the construction of the home. The borrower plans to repay the W Financial loan by refinancing the house conventionally once it has been completed.

• An additional funding of $8,000,000 for an assemblage of properties located close to the United Nations in the Turtle Bay neighborhood of Midtown East in Manhattan. W Financial closed its original loan for this property in October 2013. Since then, the borrower has successfully bought out several tenants as well as engaged in the lengthy process of designing and then obtaining approvals to develop a much larger and more distinctive project. The borrower required the new loan proceeds in order to purchase additional air rights, bringing the total development potential to 87,000 s/f, as well as to finance various operating costs and pre-development expenses. W’s consolidated first mortgage loan for the assembled parcel, which has now been enhanced with additional development rights, is $18,000,000. The borrower intends to generate income from short-term leases subject to a demolition clause during the balance of the pre-development process.

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