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Debt & Equity

TRANSACTIONS: Hirshmark funds industrial bridge loan; HKS brokers refi’ for new Astoria apartment building

Hirshmark Capital, through an affiliate entity, announced the funding of a $2,400,000 bridge loan secured by an industrial building in Glendale, Queens. The property is a 20,000 s/f building occupied by the borrower who needed capital to refinance an existing bridge loan. The transaction was negotiated by Hirshmark’s Jake Soodek.
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HKS Capital Partners announced the following recent transactions:
• The $7.2 million refinance of a newly-constructed eight-story, 14,500 s/f, mixed-use building comprised of one commercial office unit and 15 residential units in Astoria, Queens. Michael Lee negotiated the transaction.
• The $4.7 million refinance of a three-story, 6,600 s/f residential building comprised of four units in Cobble Hill, Brooklyn. This is a gut renovation for conversion to a condominium project. Danny Donahue negotiated the transaction.
• The $3.1 million refinance of a six-story, 10,201 square foot mixed-use building comprised of one commercial unit and ten residential units in Flushing, Queens. Danny Donahue negotiated the transaction
• The $1.9 million refinance of two contiguous four-story multifamily buildings each comprised of four residential units in Elmhurst, Queens. Jay Stern negotiated the transaction.
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Leviathan Capital announced the following transactions:
• An $8 million refinance of a net-leased school in the Bronx. The 65% LTV deal provided a $5 million cash-out to the borrower and featured a 10-year fixed, full-term interest only deal. Noele Kleemola and Joe Hach negotiated the transaction.
• The $2.4 million refinance of a multifamily building in Crown Heights. The 70% LTV deal provided featured an interest rate of 4.01%, amortized on a 30-year schedule. Joe Hach negotiated the transaction.
• A $2.025 million refinance of a net-leased Rite Aid in Cleveland, OH. Leviathan was able to close the loandespite the fact that there were less than three years remaining on the lease. Andrew Schnissel and Joe Hach negotiated the transaction.
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Meridian Capital announced the following transactions:
• A new mortgage in the amount of $52,000,000 on a 134-unit multifamily property located on Water Street in Brooklyn. The loan features a rate of 4.11% and a 10-year term. Shamir Seidman and Daniel Neiss negotiated this transaction.
• A new mortgage of $5,100,000 was placed on a multifamily property totaling 43 units located on East 203rdStreet in the Bronx. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by Jacob Schmuckler and Meir Schlusselberg.
• A new mortgage in the amount of $1,600,000 on an eight-unit multifamily property located on 31 Avenue in Astoria. The loan features a rate of 3.875% and a five-year term. Steven Ribiat negotiated this transaction.
• A new mortgage of $1,600,000 on a mixed-use property totaling three units located on Flatbush Avenue in Brooklyn. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by Zev Feder.
• A new mortgage in the amount of $950,000 on a six-unit multifamily property located on Franklin Avenue in Brooklyn. The loan features a rate of 4.125% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.
• A new mortgage of $700,000 on a mixed-use property totaling six units located on Great Jones Street in New York. The loan features a rate of 3.95% and a 36-month term. This transaction was negotiated by Eli Serebrowski and Jacob Schmuckler.
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UC Funds closed a $9.8 million first mortgage loan for the acquisition and renovation of Normandie Apartments, a three-building, 217-unit apartment complex at 237-253 Alexander Street in downtown Rochester, NY. The sponsor has an REO of four multifamily properties, three of which are within the Rochester market. The property was originally built in phases from 1892 to 1935 as a high-end hotel and was converted to multifamily use in the 1970s.
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Eastern Union Funding announced the following transactions:
• $29,977,000 in first-lien mortgages for the refinance of three multifamily properties on S Harrison Street in East Orange, NJ. These transactions were arranged by David Metzger and Nate Hyman.
• A $10,440,000 first-lien mortgage for the refinance of a 82-unit healthcare facility on Lincoln Avenue in Lockport, NY. This transaction was arranged by Nachum Soroka, Phil Krispin and Abraham Bergman.
• A $10,300,000 first-lien mortgage for the refinance of a 200-unit multifamily on South West Dexter Circle in Lake City, FL. This transaction was arranged by David Metzger and Nate Hyman.
• A $10,000,000 first-lien mortgage for the acquisition of an assisted living facility on Franklin Rd in Southfield, MI. This transaction was arranged by Nate Hyman, Nachum Soroka, Phil Krispin and David Metzger.
• A $3,750,000 first-lien mortgage for the construction of a 14-unit, mixed-use property on Keap Street in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
• A $2,503,000 first-lien mortgage for the acquisition of a 6-unit multifamily property on Menahan Street in Ridgewood, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
• A $1,700,000 first-lien mortgage for the refinance of a 28-unit multifamily complex on N Church and Flint Streets in Greensboro, NC. This transaction was arranged by David Merkin and Barry Dollman.
• A $1,225,000 first-lien mortgage for the refinance of a 6-unit multifamily property on 115th Street in South Richmond Hill, NY.This transaction was arranged by and Nate Hyman and David Metzger.

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