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TRANSACTIONS: Meridian closes $5.2M loan in Midtown, GCP puts $15M in Bronx

Meridian Capital announced the following transactions:

  • A new mortgage in the amount of $5,200,000 on a 47-unit cooperative property located on East 26th Street in New York, NY. The loan features a rate of 3.70% and a 10-year term. Steve Geller and Avi Geller negotiated this transaction.
  • A new mortgage of $4,100,000 was placed on a multifamily property totaling 46 units located on Carroll Street in Brooklyn, NY. The loan features a rate of 3.75% and a five-year term. This transaction was negotiated by Chaim Tessler.
  • A new mortgage in the amount of $3,500,000 on a 79-unit cooperative property located on Mamaroneck Road in White Plains, NY. The loan features a rate of 3.75% and a 10-year term. Steve Geller and Avi Geller negotiated this transaction.
  • A new mortgage of $3,000,000 was placed on a cooperative property totaling 36 units located on President Street in Brooklyn, NY. The loan features a rate of 3.72% and a 10-year term. This transaction was negotiated by Steve Geller and Avi Geller.
  • A new mortgage in the amount of $3,000,000 on a 36-unit multifamily property located on Noll Place in Newark, NJ. The loan features a rate of 3.90% and a five-year term. Judah Hammer negotiated this transaction.
  • A new mortgage of $2,500,000 was placed on a mixed-use property located on Bedford Avenue in Brooklyn, NY. The loan features a rate of 3.50% and a five-year term. This transaction was negotiated by Bryan Geffen and Brian Flax.

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Marcus & Millichap Capital Corporation announced the following transactions:

  • A $1,950,000 refinance was arranged for a mixed-use property on W 48th Street in Midtown West. The financing was arranged by Andrew Dansker.
  • A 1,250,000 refinance was arranged for a 8-unit multifamily apartment building located on Graham Avenue in Brooklyn, New York. The financing was arranged by Andrew Dansker.

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Hirshmark Capital, through an affiliate entity, announced the funding of a $3,350,000 bridge loan secured by a commercial building in the Prospect Heights neighborhood of Brooklyn. The subject property is a 10,000 s/f commercial building with 11 tenants. It is a few blocks from Barclays and surrounded by many restaurants and bars. The borroWer needed capital to refinance an existing loan. 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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GCP Capital Group has arranged mortgage financing in the aggregate amount of $32,500,000 for the following properties:

  • $15,000,000 for two five-story mixed-use buildings containing a total of 56 apartments and 9,950 square feet of commercial space, located on East Gun Hill Road in the Bronx, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
  • $7,500,000 for a six-story multifamily apartment building containing 63 apartments, located on 82nd Avenue in Queens, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing .
  • $5,000,000 for a five-story multifamily apartment building containing 45 units, located on West 181st Street in the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
  • $5,000,000 for two adjacent, three-story mixed use buildings containing a total of 3 apartments and 4,000 square feet of commercial space, located on Court Street in Brooklyn, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.

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Eastern Union Funding announced the following transactions:

  • A $20,500,000 first lien mortgage for the acquisition of a 17-unit office building on Pavonia Ave in Jersey City, NJ. This transaction was arranged by Jeffrey Seidenfeld.
  • A $3,337,500 first lien mortgage for the refinance of a 54-unit multifamily on W Maple Ave in Merchantville, NJ. This transaction was arranged by Moti Amsel and Jay Tyberg.
  • A $1,912,500 first lien mortgage for the acquisition of a 75-unit healthcare center on Shady Ln Dr in Wadena, MN. This transaction was arranged by Nachum Soroka and Phil Krispin.
  • A $2,000,000 first lien mortgage for the refinance of a 8-unit multifamily on Fulton St in Brooklyn, NY. This transaction was arranged by Motti Blau and Jay Tyberg.
  • A $3,750,000 first lien mortgage for the refinance of a 11-unit mixed-use on Willis Ave in Bronx, NY. This transaction was arranged by Michael Muller.
  • A $1,100,000 first lien mortgage for the refinance of an industrial property on Brehms Ln in Baltimore, MD. This transaction was arranged by Marc Tropp and David Merkin.
  • A $47,000,000 first lien mortgage for the refinance of a 103-unit mixed-use on 31st Dr in Astoria, NY. This transaction was arranged by Abe Kolman and Yaakov Charlap.
  • A $2,000,000 first lien mortgage for the acquisition of a retail center on Route 9 in Howell, NJ. This transaction was arranged by Mendy Pfeifer and Motti Blau.
  • A $1,526,000 first lien mortgage for the acquisition of land and a multifamily on Rochester Ave and Hunterfly Pl in Brooklyn, NY. This transaction was arranged by Alex Freund.
  • A $3,400,000 first lien mortgage for the refinance of a 16-unit multifamily on Hughes Ave in Bronx, NY. This transaction was arranged by Josh Horowitz.
  • A $1,000,000 first lien mortgage for the refinance of a 18-unit multifamily on Warburton Ave in Yonkers, NY. This transaction was arranged by Moshe Lipschitz.
  • A $10,100,000 first lien mortgage for the refinance of a 18-unit mixed-use on Wythe Ave in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
  • A $1,025,000 first lien mortgage for the refinance of a 14-unit multifamily on Christ School Rd in Arden, NC. This transaction was arranged by Marc Tropp and Ben Alpert.
  • A $3,100,000 first lien mortgage for the refinance of a 67-unit multifamily on Palmer Ave in Bronx, NY. This transaction was arranged by Michael Muller.
  • A $1,280,000 first lien mortgage for the acquisition of a 19-unit multifamily on N 18th St in East Orange, NJ. This transaction was arranged by Moshe Feiner.

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Dansker Realty Capital LLC, a direct private lender, provided acquisition financing for the purchase of an 8 unit multifamily property in Bedford- Stuyvesant Brooklyn. The property was delivered with four vacant units and has approximately 9,000 s/f under roof. The purchaser is a local professional investor who intends to renovate the vacant units and rent them at market rents. The transaction was arranged by Lowell Dansker, Principal.

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W Financial announced the following transactions:

  • A $1,000,000 bridge loan secured by an occupied apartment building located on East 89th Street on the Upper East Side of Manhattan. The owner of the property passed away and the building is held by his estate. The borrower needed to refinance the existing mortgage in order to be able to pay costs associated with the administration of the estate. The borrower expects to refinance the W loan with a conventional lender.
  • A $16,500,000 first mortgage loan secured by a two-story, approximately 2,500 ss/f commercial building located on Lexington Avenue at the corner of East 79th Street. The property has 12,000 s/f of mixed-use development rights.
  • A $1,300,000 bridge loan secured by a two-bedroom luxury condominium unit located on West 42nd Street between Eleventh Avenue and the Hudson River in the Hell’s Kitchen neighborhood of Manhattan. The borrower required a bridge loan in order to access trapped equity in order to provide liquidity for another investment.
  • A $2,100,000 bridge loan secured by several New York City properties: one property located on Hylan Boulevard on Staten Island, and two properties located in the Glendale neighborhood of Queens, New York. The loan will be used to refinance several existing loans on the properties as well as to satisfy some outstanding tax liens on the properties. The borrower plans to repay the W Financial loan with proceeds of the sale of the Staten Island property.

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