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TRANSACTIONS: Progress inks $10M in Jersey financing; Eastern Union funds more than dozen deals

Meridian Capital announced the following transactions:

• A new mortgage of $13,000,000 on a 31-unit multifamily property located on Lincoln Place in Brooklyn, NY. The loan features a rate of 3.98% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.

• A new mortgage of $4,000,000 was placed on a cooperative property totaling 53 units located on 77th Street in Jackson Heights, NY. The loan features a rate of 3.88% and a 10-year term. This transaction was negotiated by Avi Geller and Nicoletta Pagnotta.

• A new mortgage iof $3,180,000 on an eight-unit multifamily property located on Hart Street in Brooklyn, NY. The loan features a rate of 3.5% and a five-year term. Jacob Rochlitz and Tzvi Krieger negotiated this transaction.

• A $2,300,000 mortgage on a cooperative property totaling 65 units located on Ocean Avenue in Brooklyn, NY. The loan features a rate of 3.9% and a 10-year term. This transaction was negotiated by Avi Weinstock and Michael Farkovitz.

• A new mortgage in the amount of $1,050,000 on a six-unit multifamily property located on Wilson Avenue in Brooklyn, NY. The loan features a rate of 3.75% and a seven-year term. Michael Homapour and Scott Assouline negotiated this transaction.

• A new mortgage of $800,000 was placed on a multifamily property totaling eight units located on Lexington Avenue in Brooklyn, NY. The loan features a rate of 3.625% and a five-year term. This transaction was negotiated by Charles Grussgott and Michael Helmreich.

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Dansker Realty Capital LLC has provided a short term bridge loan in the amount of $575,000 for the acquisition of a 2-over-2 mixed-use property on Avenue D in the East Flatbush neighborhood of Brooklyn. The purchase was the down leg of a 1031 exchange. The transaction was arranged by Lowell Dansker.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $56,000,000 for the following properties:

• $21,500,000 for two adjacent, single-story commercial buildings comprised of approximately 43,000 total square feet, located on Coney Island Avenue in Brooklyn. Paul Greenbaum arranged the financing.
• $17,000,000 for a five-story multifamily loft apartment building containing 90 units, located on Taaffe Place in Brooklyn. Adam Brostovski arranged the financing.

• $11,000,000 for a six-story multifamily apartment building containing 27 units, located on West 93rd Street in Manhattan. Matthew Classi arranged the financing.

• $6,500,000 for a 160,000 square foot luxury health and fitness complex, located in the Gravesend neighborhood of Brooklyn. Matthew Albano arranged the financing.

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Eastern Union Funding announced the following transactions:

• A $12,500,000 first lien mortgage for the acquisition of a 376-unit multifamily on Campbellton Rd SW in Atlanta, GA. This transaction was arranged by Marc Belsky and Mark Rosenzweig.

• A $16,500,000 first lien mortgage for the refinance of a 709-unit multifamily on S Thomas Drin Panama City Beach, FL. This transaction was arranged by Yossi Rubin.

• A $22,600,000 first lien mortgage for the refinance of a 63-unit multifamily on Willoughby Avein Brooklyn, NY. This transaction was arranged by David Eisen and Meir Kessner.

• A $28,880,000 first lien mortgage for the refinanceof a 385-unit multifamily on E High Stin Glassboro, NJ. This transaction was arranged by David Metzger and Nate Hyman.

• A $49,292,000 first lien mortgage for the acquisition of a 353-unit mixed-use on Town Center Blvdin Voorhees, NJ. This transaction was arranged by David Singer.

• A $1,040,000 first lien mortgage for the acquisition of a 9-unit multifamily on Woodlawn Ave in Jersey City, NJ. This transaction was arranged by Yossi Rubin.

• A $1,165,000 first lien mortgage for the refinanceof a 7-unit mixed-use on Greene Ave in Brooklyn, NY. This transaction was arranged by Motti Blau, Isaac Weiss and Mendy Pfeifer.

• A $1,377,000 first lien mortgage for the acquisition of a 22-unit multifamily on Myrtle Ave in Neptune, NJ. This transaction was arranged by Michael Muller.

• A $1,505,000 first lien mortgage for the refinanceof a 6-unit multifamily on Sumpter St in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.

• A $1,652,000 first lien mortgage for the acquisition of a 20-unit multifamily on Throckmorton Ave in Eatontown, NJ. This transaction was arranged by Michael Muller.

• A $1,731,250 first lien mortgage for the acquisition of a 46-unit multifamily on Bundy Rd in New Orleans, LA. This transaction was arranged by Yossi Orzel.

• A $1,806,000 first lien mortgage for the refinance of a 10-unit mixed-use on Franklin Ave in Bronx, NY. This transaction was arranged by Mendy Pfeifer, Motti Blau and Jack Beida.

• A $2,000,000 first lien mortgage for the refinance of a retail center on N Atlantic in Daytona Beach. This transaction was arranged by David Metzger and Nate Hyman.

• A $2,400,000 first lien mortgage for the refinanceof a 6-unit mixed-use on Malcolm X Blvd in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz and Michael Muller.

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Houlihan-Parnes Realtors announced the following transactions:

James K. Coleman arranged a loan secured by a first mortgage of $2,500,000 encumbering a property located at 180 East 101st Street in the East Harlem neighborhood of New York, NY. The property is improved with a 5-story brick apartment building constructed in 1920 containing 16 apartments. The loan was placed with a local Savings Bank for a 10-year term with an initial 5-yr fixed interest rate of 3.65% on a 30-yr amortization schedule with an interest rate reset in year 5 at 275 basis points above the then 5-yr USTM rate. The loan was a par deal with a flexible prepayment penalty. The Borrower was represented by Ed Friedman of Novick-Edelstein.

James K. Coleman placed a second mortgage bridge loan of $115,000 for two 3-family houses in Bridgeport, CT. The loan was made to a longtime client that has developed and renovated several properties. The loan was 12 months in term with an allowance for prepayment at any time.

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Progress Capital announced the following transactions:

Brad Domenico secured a $7,200,000 non-recourse permanent mortgage for the acquisition of a four-story 73,790 s/f brick multifamily building at 220 Straight Street, Paterson, NJ. The property contains 76 residential units and onsite parking. The loans features 12 months interest-only and a 5-Year fixed-rate of 3.46%. The loan has a 20 year term and 30 year amortization.

Brad Domenico secured a $2,775,000 non-recourse permanent mortgage for the acquisition of the retail strip plaza located at 36 State Route 35 in Neptune, NJ. The property is a newly renovated 18,150 s/f retail plaza at the formerHostess Regional Bakery. The plaza was 100% occupied and anchored by an 8,900 s/f Family Dollar at the time of acquisition. Domenico negotiated a 30 year term with 30 year amortization and an initial 5-year fixed rate period at 4.25%. The borrower will adhere to a declining pre-pay schedule. This loan represents 65% of the borrower’s acquisition cost.

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