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TRANSACTIONS: Meridian secures $11M Bronx loan, Cronheim inks $3M Jersey loan

Meridian Capital announced the following transactions:

• A new mortgage in the amount of $11,640,000 on a 74-unit multifamily property located on Kings College Place in the Bronx, NY. The loan features a rate of 3.50% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.

• Two new mortgages of $10,500,000 were placed on two multifamily properties totaling 48 units located on 1st Street and 11th Street in Brooklyn, NY. The loans feature rates of 3.50% and five-year terms. These transactions were negotiated by Joe Klein.

• A new mortgage in the amount of $3,700,000 on a 15-unit multifamily property located on West 51st Street in New York, NY. The loan features a rate of 3.375% and a five-year term. Zev Feder and Adam Ehrenreich negotiated this transaction.

• A new mortgage of $3,000,000 was placed on a multifamily property totaling 16 units located on St John’s Place in Brooklyn, NY. The loan features a rate of 3.50% and a five-year term. This transaction was negotiated by Michael Ryback and Judah Hammer.

• A new mortgage in the amount of $1,050,000 on an 11-unit multifamily property located on East 74th Street in New York, NY. The loan features a rate of 3.375% and a five-year term. Jason Weber and Brian Flax negotiated this transaction.

• A new mortgage of $1,000,000 was placed on a multifamily property totaling 16 units located on East 82nd Street in New York, NY. The loan features a rate of 3.375% and a five-year term. This transaction was negotiated by Jason Weber and Brian Flax.

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Cronheim Mortgage secured $3 million of permanent financing for Mountain View Gardens, a 43-unit apartment development in North Plainfield, New Jersey. The 7-year loan amortizes over a 30-year period and has a fixed rate which was locked 5 months prior to closing. The loan was structured with an attractive prepayment schedule. Mountain View Gardens is comprised of 6, 2-story walkup buildings. The loan was originated and placed by Allison Villamagna and Andrew Stewart.

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Eastern Union Funding announced the following transactions:

• A $1,000,000 first lien mortgage for the refinanceof a 9-unit mixed-useon Main Stin Paterson, NJ. This transaction was arranged by Abe Kolman.

• A $1,225,000 first lien mortgage for the refinanceof a shoppingcenter on S Atlantic Avein Daytona Beach, FL. This transaction was arranged by David Metzger and Nate Hyman.

• A $1,500,000 first lien mortgage for the acquisition of a 12-unitmultifamilyon Ocean Avein Jersey City, NJ. This transaction was arranged by Jay Tyberg.

• A $2,500,000 first lien mortgage for the acquisition of an office buildingon Riverdale Avein Bronx, NY. This transaction was arranged by Adelle Ross and Jay Tyberg.

• A $4,000,000 first lien mortgage for the refinanceof a 6-unit shopping centeron Highway 17 S,Hwy 17 Sin North Myrtle Beach, SC. This transaction was arranged by Marc Tropp.

• A $5,425,000 first lien mortgage for the refinanceof a 20-unit multifamilyon Greene Avein Brooklyn, NY. This transaction was arranged by David Eisen and Meir Kessner.

• A $900,000 first lien mortgage for the refinanceof a 11-unit mixed-useon Lafayette Avein Suffern, NY. This transaction was arranged by Sol Bauer.

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Emerald Creek Capital provided the following transactions:

• A $5,000,000 acquisition loan in North Palm Beach, FL. The subject property is an office and retail property with 76,068 s/f of net rentable area. The loan was originated by Managing Director Mike Cleaver.

• A $2,000,000 refinance in the Greenwich Village neighborhood of New York, NY. The subject property is a four-story mixed-use building with 7,350 square feet of gross building area. The loan was originated by ECC Associate Scott Steinel.

• A $1,800,000 refinance in the Borough Park neighborhood of Brooklyn, NY. The subject property is a 4-story, 3-family townhouse with 7,526 square feet of gross building area. The loan was originated by ECC Associate Scott Steinel.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $54,301,000 for the following properties:

• $21,451,000 for three six-story multifamily apartment buildings containing a total of 159 units and approximately 8,000 square feet of commercial space, located in the Washington Heights section of Manhattan, New York. Adam Brostovski, Principal, arranged the financing for this transaction.

• $16,500,000 for two five-story office buildings comprised of approximately 140,000 square feet, located in Rockville Centre, Nassau County, New York. Paul Greenbaum, Managing Member, arranged the financing for this transaction.

• $11,350,000 for a four-story industrial loft building comprised of 84,000 gross square feet, located on Austell Place in Long Island City, New York. Matthew Albano, Managing Director, arranged the financing for this transaction.

• $5,000,000 interim loan for a senior citizen complex of ten two-story apartment buildings containing a total of 80 units, located in East Islip, Suffolk County, New York. Matthew Classi, Managing Member, arranged the financing for this transaction.

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Hirshmark Capital, through an affiliate entity, announce dthe funding of a $1,400,000 construction loan secured by a multifamily building in the Greenpoint neighborhood of Brooklyn. The subject property is a 6,000 SF shell that contains 6 units and is 75% complete. The borrower needed capital to finish the construction. This is yet another example of our aggressive appetite in providing short term bridge financing in a time sensitive manner. This transaction was negotiated by Hirshmark’s Jake Soodek.

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Q10 | New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, announced the following transactions:

Jeanne Cronin, Managing Director, closed an acquisition loan in the amount of $2,869,000 secured by a 4-story walk-up apartment building containing 16-units located on a tree-lined street in Sunnyside Queens. The loan was closed through the Freddie Mac Small-Balance Loan program. The borrower opted for a 20-year Hybrid ARM. The rate on the initial 5-year term was fixed at 3.58% followed by a floating-rate period for the remainder of the term (180 months). During the floating rate period the coupon is reset every 6 months and is based on a spread over a 6 month LIBOR index. The non-recourse, PAR loan was amortized over 30 years.

Jeanne Cronin arranged a $2,100,000 permanent loan on a commercial site strategically located on Northern Boulevard (25A) in Woodside, Queens, NY. The corner site is located just west of the intersection of Northern Blvd. and the Brooklyn Queens Expressway (BQE, I-278). The immediate area along Northern Blvd. is fully improved with a mix of commercial properties and fast food establishment. The subject site is currently net leased to a well-recognized car dealership that owns and operates numerous car dealerships in the immediate vicinity. The permanent loan was placed with a NY-based bank for a term of 10-years. The interest rate was fixed at 4.25% for the full 10-year term of the loan.

Jeanne Cronin, closed a $1,000,000 loan on a gas station in New Milford, CT. The property is improved with 10 pumps plus a free-standing “mini-mart”. The Borrower had operated the business since 2012 and had the opportunity to purchase the property from the owner, a major owner/operator of gas stations located nationwide. The loan was placed with a CT bank. The borrower was given a menu of loan terms from which to choose and opted for a 7-year fixed rate term. The interest rate was fixed at 5.25% for the term of the loan.

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W Financial announced the following transactions:

• A $2,200,000 bridge loan for the acquisition of a 29,000 s/f shopping center on Lockwood Ridge Road in Sarasota, Florida. The bridge loan enabled the owners to close on the property despite vacancies and several upcoming lease maturities. The borrower plans to stabilize the asset and cash flows and to then refinance the W loan with conventional bank financing.

• A $1,000,000 bridge loan secured by a senior interest in two defaulted notes collateralized by a 60,000 s/f commercial building located on State Road 9 in Miami, Florida. The property is currently 100 percent owner-occupied.

• A $1,350,000 bridge loan for the acquisition of a fully vacant, ~3,425 sq. ft. multi-family building located on Morgan Avenue in Greenpoint, Brooklyn. The bridge loan provided both acquisition and renovation funds. Once the owners complete their business plan, they expect to repay the bridge loan with conventional financing.

• A $4,250,000 bridge loan, secured by four cash flowing multi-family buildings located in Bergen and Hudson Counties, New Jersey. The borrower needed the capital for a time-of-the-essence acquisition. W expeditiously analyzed the collateral and funded the loan, and the cash-out refinance secured by these properties enabled the borrower to access the liquidity he needed in order to close on his acquisition on time.

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