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TRANSACTIONS: Meridian negotiated six new mortgages for total of $15.3M; GCP arranges $27.8M in mortgage financing

Meridian negotiated six new mortgages in the amount of $15,300,000 on six multifamily properties located in Union City, NJ.
The loans feature rates of 3.67 percent and five-year terms. Judah Hammer negotiated these transactions.

A new mortgage of $6,500,000 was placed by Meridian on a cooperative property totaling 88 units located on Garth Road in Scarsdale, NY. The loan features a rate of 3.8 percent and a 10-year term. This transaction was negotiated by Steve Geller and Nicoletta M. Pagnotta.

Meridian negotiated a new mortgage in the amount of $4,500,000 on a 20-unit multifamily property located on East Eighth Street in New York, NY. The loan features a rate of 3.875 percent and a five-year term. Jacob Schmuckler and Meir Schlusselberg negotiated this transaction.

A new mortgage of $2,300,000 was placed by Meridian on a multifamily property totaling 40 units located on Broadway in Paterson, NJ.

The loan features a rate of 4.25 percent and a five-year term. This transaction was negotiated by Alan Friedman and Eric Chapek.

Meridian negotiated a new mortgage in the amount of $2,200,000 on an eight-unit multifamily property located on Hart Street in Brooklyn, NY. The loan features a rate of 4.25 percent and a five-year term. Charles Grussgott and Michael Helmreich negotiated this transaction.

A new mortgage of $1,850,000 was placed by Meridian on a cooperative property totaling 40 units located on Ocean Parkway in Brooklyn, NY. The loan features a rate of 4 percent and a 10-year term. This transaction was negotiated by Isaac Filler and Michael Helmreich.

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Housing & Healthcare Finance (HHC Finance) recently closed a $4.86 million 232/223(f) HUD loan for New Haven of Kyle, a 32 unit assisted living and memory care property located in Kyle, TX, 15 miles south of Austin.
The facility was built in 2014 by New Haven Assisted Living and has consistently operated with occupancy in the mid 90 percent range.

The experienced ownership group used the proceeds from the HUD loan to payoff higher rate and shorter term conventional and subordinated debt.

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GCP Capital Group LLC has arranged mortgage financing in the aggregate amount of $27,895,000 for the following properties:
•$13,000,000 for four contiguous six-story multifamily apartment buildings containing a total of 153 apartments, located on Seaman Avenue in Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.

•$5,795,000 combined financing for two five-story multifamily apartment buildings containing a total of 53 units, located on West 152nd Street in Manhattan, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for these transactions.

•$5,500,000 for the acquisition and renovation of a four-story mixed-use building that will contain 6 apartments and 2,700 square feet of commercial space, located on West 139th Street in Manhattan, New York.

Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.

•$3,600,000 for a newly gut renovated, three-story brownstone containing 8 luxury apartments, located on Park Place in Brooklyn, New York. Matthew Albano, Managing Director of GCP Capital Group, arranged the financing for this transaction.

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Eastern Union announced the following transactions:

A $7,140,000 first lien mortgage for the acquisition of a 44-unit multifamily on Echo Pl in Bronx, NY. This transaction was arranged by Adelle Ross and Chaim Greenfeld.

A $3,420,000 first lien mortgage for the refinance of a 12-unit retail center on Middleport Ln in White Plains, MD. This transaction was arranged by Marc Tropp.

A $3,030,000 first lien mortgage for the refinance of a 3-unit multifamily on De Reimer Ave in Bronx, NY. This transaction was arranged by Josh Horowitz.

A $2,925,000 first lien mortgage for the refinance of a 6-unit multifamily on Putnam Ave in Ridgewood, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.

A $2,800,000 first lien mortgage for the acquisition of a 4-unit multifamily on Washington Ave in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.

A $2,268,000 first lien mortgage for the refinance of a 2-unit multifamily on 4th St in Brooklyn, NY. This transaction was arranged by Jonathan Singer.

A $13,900,000 first lien mortgage for the acquisition of a 320-unit multifamily on Sandpiper Dr in Houston, TX. This transaction was arranged by Michael Muller.

A $11,900,000 first lien mortgage for the acquisition of a 286-unit multifamily on Sandpiper Dr in Houston, TX. This transaction was arranged by Michael Muller.

A $1,900,000 first lien mortgage for the refinance of a multifamily on Kingsland Ave in Brooklyn, NY. This transaction was arranged by Meir Kessner and David Eisen.

A $1,222,650 first lien mortgage for the refinance of a multifamily on Genesee St in Trenton, NJ. This transaction was arranged by Michelle Hendler.

A $1,120,000 first lien mortgage for the refinance of a retail center on W Main St in Denville, NJ. This transaction was arranged by Marc Tropp and David Merkin.

A $1,020,000 first lien mortgage for the refinance of a 6-unit multifamily on Evergreen Ave in Brooklyn, NY. This transaction was arranged by Bernie Fried, David Metzger and Nate Hyman.

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Arbor Realty Trust, Inc. recently funded a Freddie Mac SBL deal in Yonkers, NY.A 50-unit multifamily property recently received $3,296,000 in acquisition funding. The deal provides a 5-year fixed-rate nonrecourse loan term with a 30-year amortization schedule. Matt Madacsi of Arbor’s New York office originated the loan. Located in Westchester County, just three miles north of Manhattan and adjacent to scenic Van Cortland Park, this five-story apartment building offers 1-3 bedroom rentals.

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