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Debt & Equity

TRANSACTIONS; Cronheim arranges $15M in hotel acquisition loans; Emerald Creek bridges in Park Slope

Cronheim Hotel Capital (CHC) announced the following transactions:
• Acquisition financing of $9,240,000 for the Holiday Inn Express in downtown Baltimore, MD. The loan was placed with a national lender and offered a 10-year term and 30-year amortization. David Turley, principal of CHC, announced the deal.
• Acquisition financing of $6,240,000 for the Holiday Inn Express located in Waldorf, MD. The loan was placed with a national lender and offered a 10-year term and 30-year amortization. Jeffrey Pacailler, director , announced the loan.
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Emerald Creek Capital provided a $6,000,000 bridge loan for the acquisition of a 5,559 s/f retail building in the Park Slope neighborhood of Brooklyn, NY. Financing was originated by managing director Mike Cleaver.
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Marcus & Millichap Capital Corporation announced the following transactions:
• A $1,000,000 refinance was arranged for an 8-unit, mixed-use property located on East 73rd Street in the Lenox Hill neighborhood of the Upper East Side. The financing was arranged by Andy Weiss and Andrew Dansker.
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MLK Real Estate Capital arranged a $6.326 million permanent financing on behalf of its client, Keystone Equities for the acquisition of Villa Trace Apartments, a 114-unit, 162,000 s/f garden-style apartment community in Hattiesburg, Mississippi. The financing was originated by Ryan Goldstein and execution led by Ryan Carlson.
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Uber Capital Group president and founder Joel J. Gorjian sourced a $9.2 million debt refinancing of the acquisition loan for the purchase of the Wenatchee Valley Mall in Douglas County, Washington. The client was a private national commercial real estate investment group based in New York. Uber sourced the financing from a regional bank based in Washington State at a fixed rate of 4.85%.
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G.S. Wilcox & Co. secured $2.5 million in financing for a 23,749 s/f mixed-use building in Morristown, NJ. The financing was arranged by Wesley Wilcox and Albert Raymond on a 20-year self-liquidating basis through a correspondent lender of the firm. The historic property is located steps away from the heart of Morristown, known as The Green.
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Eastern Union Funding announced the following transactions:
• A $13,586,000 first lien mortgage for the refinance of a 110-unit mixed-use property on S Penn St in Hatboro, PA. This transaction was arranged by David Metzger and Nate Hyman.
• A $10,255,954 first lien mortgage for the acquisition of a 206-unit multifamily property on Colony Way in Bartlesville, OK. This transaction was arranged by David Eisen.
• $9,700,000 in first lien mortgages for the refinance of two multifamily properties totaling 60 units in Bronx, NY. This transaction was arranged by David Metzger, Nate Hyman, and Jonathan Singer.
• $9,600,000 in first lien mortgages for the refinance of three multifamily properties totaling 101 units in Philadelphia, PA. These transactions were arranged by Nate Hyman and David Metzger.
• A $9,596,000 first lien mortgage for the refinance of a 59-unit mixed-use building on Park Ave in East Orange, NJ. This transaction was arranged by Nate Hyman and David Metzger.
• A $7,500,000 first lien mortgage for the construction of a 65-unit mixed-use property on E Mt Royal Ave in Baltimore, MD. This transaction was arranged by Marc Tropp.
• A $5,100,000 first lien mortgage for the construction of a 20-unit multifamily property on Bruckner Blvd in Bronx, NY. This transaction was arranged by Adelle Ross and Isaac Weiss.
• A $3,400,000 first lien mortgage for the refinance of a 3-unit multifamily property on Dominick St in New York, NY. This transaction was arranged by Marc Tropp and David Merkin.
•A $2,975,000 first lien mortgage for the refinance of a mixed-use property on Wilson Ave in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
• A $2,350,000 first lien mortgage for the refinance of a 3-unit multifamily property on Stanhope St in Ridgewood, NY. This transaction was arranged by Josh Horowitz.
• A $2,240,000 first lien mortgage for the acquisition of a 12-unit multifamily property on Hobart Pl NW in Washington, DC. This transaction was arranged by David Merkin and Marc Tropp.
• A $2,200,000 first lien mortgage for the refinance of a 6-unit multifamily property on 60th St in Brooklyn, NY. This transaction was arranged by Jonathan Singer.
• A $1,950,000 first lien mortgage for the refinance of a 13-unit multifamily property on Fountain Ave in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
• A $1,810,000 first lien mortgage for the refinance of a 16-unit multifamily property on 70th St in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz.
• A $1,000,000 first lien mortgage for the refinance of a 4-unit multifamily property on Onderdonk Ave in Ridgewood, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
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Holliday Fenoglio Fowler announced the $8.8 million refinancing of 4 Industrial Way West, a 79,258 s/f office building in Eatontown, NJ, on behalf of The Donato Group. The seven-year, fixed-rate loan was secured through First Bank. The debt placement team included managing director Michael Klein. First Bank was represented by Terrance R. Howard, senior vice president. The three-story property is 98 percent leased to nine tenants in a variety of industries ranging from technology to medical practice.
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Leviathan Capital announced the following transactions:
• The $1,799,200 refinance of two condominium units in a fractured condo building in Williamsburg. The 75% LTV deal features a rate of 4.01% and is fixed for 7 years interest only. Joe Hach negotiated the transaction.
• $7,500,000 refinance of a three-asset office portfolio. The buildings are largely occupied by a growing adult daycare tenant. Leviathan secured a 4.76% rate, fixed for 5 years. Noele Kleemola and Joe Hach negotiated the transaction.
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Meridian Capital announced the following transactions:
• A new mortgage of $6,350,000 on a 27-unit multifamily property located on Eastern Parkway in Brooklyn. The loan features a rate of 4.10% and a five-year term. Mark Brachfeld and Morris Diamant negotiated this transaction.
• A $3,535,000 mortgage was placed on a multifamily property totaling 25 units located on East 181st Street in the Bron. The loan features a rate of 4.125% 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 nine-unit multifamily property located on Grove Street in New York. The loan features a rate of 4.10% and a five-year term. Jacob Nefoussi negotiated this transaction.
• $2,500,000 was placed on a multifamily property totaling 21 units located on West 179th Street in New York, NY. The loan features a rate of 4.05% and a five-year term. This transaction was negotiated by David Ganz and Eric Chapek.
• A $1,700,000 mortgage was placed on a 66-unit cooperative property located on 46th Street in Sunnyside. The loan features a rate of 4.125% and a five-year term. Charles Grussgott and Joseph Koschitzki negotiated this transaction.
• A new $1,300,000 mortgage was placed on a multifamily property totaling 10 units located on Willoughby Avenue in Brooklyn. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by Chaim Tessler and Asher Urbach.
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Progress Capital announced that Kathy Anderson secured a $4,430,000 permanent mortgage to refinance the medical office properties at 40 and 50 Union Avenue, Irvington, NJ, as well as acquire the land upon which 50 Union Avenue resides (currently the building is subject to a ground-lease). The borrower will use $1,500,000 of the proceeds of the loan to acquire the land at 50 Union Ave and own the property outright. Anderson negotiated 65% LTV, accompanied by a 5-year fixed-rate at 4.5%. The term of the loan is 10-years with a 25-year amortization. The proceeds of the loan will be used to retire the existing debt, acquire the land and fund tenant improvements.

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