Meridian Capital Group announced the following transactions:
– A new mortgage of $3,700,000 was placed on a six-story, 12-unit multifamily property located on West 123rd Street in New York, NY. The loan features a rate of 2.86% and a five-year term. This transaction was negotiated by Sean Mooney and Steven Rubenstein.
– A new mortgage in the amount of $9,600,000 on a six-story, 35-unit multifamily property located on Greene Avenue in Brooklyn, NY. The loan features a rate of 3.13% with a five-year term. Morris Diamant and Tzvi Krieger negotiated this transaction.
– A new mortgage of $7,500,000 was placed on a two-story, 28-unity multifamily property located on West 50th Street in New York, NY. The loan features a rate of 3.00% and a five-year term. This transaction was negotiated by Charles Grussgott and Michael Helmreich.
– A new mortgage in the amount of $2,800,000 on a six-story, 36-unit multifamily property located on Kings Highway in Brooklyn, NY. The loan features a rate of 3.00% and a three-year term. Avi Weinstock and Michael Farkovits negotiated this transaction.
– A new mortgage of $2,650,000 was placed on an 8,070 square foot retail property located on Nostrand Avenue in Brooklyn, NY. The loan features a rate of 3.03% and a three-year term. This transaction was negotiated by Zev Feder and Brian Ladenheim.
– A new mortgage in the amount of $2,300,000 on a three-story, 12-unit multifamily property located on St. John’s Place Avenue in Brooklyn, NY. The loan features a rate of 3.00% and a five-year term. Morris Diamant and Tzvi Krieger negotiated this transaction.
Avant Capital Partners has originated $6,250,000 in bridge loans secured by mixed-use and commercial residential properties in Manhattan, New York and Greenwich, Connecticut.
– The first project is comprised of three contiguous mixed-use properties located in the Midtown West, Manhattan. Estimated to be built in 1910, the property currently contains a total of 20 apartments and three ground floor retail units with a total gross building area of 16,916 s/f.
– The Greenwich property consists of 4 luxury condominium units, which are under construction and approximately 60 percent completed. Each unit will contain 3 bedrooms and 3.5 bathrooms, high-end interior finishes including, hard wood floors, high ceilings, and an average unit size of 3,650 s/f.
Eastern Union announced the following transactions:
– A $47,000,000 first lien mortgage for the refinance of an 11-building portfolio in Bronx, NY. This transaction was negotiated by Eli Breiner
– A $13,200,000 first lien mortgage to refinance a 112 mixed-use with 3% interest in Bronx, NY. This transaction was negotiated Ira Zlotowitz, Abraham Bergman and Michael Muller
– A $6,300,000 first lien mortgage for the acquisition of a 56-unit multifamily property on Grand Concourse Street in Bronx, NY. This transaction was negotiated by David Eisen
– A $4,200,000 first lien mortgage to refinance a 55-unit multifamily on East 21st Street in Brooklyn, NY. This transaction was negotiated by Nate Hyman and David Metzger
– A $3,000,000 first lien mortgage for the acquisition of a six-story office building on 18th Avenue in Brooklyn, NY. This transaction was negotiated by Jeffrey Seidenfeld
– A $4,300,000 first lien mortgage to refinance a 24-unit multifamily in Yeadon, PA. this transaction was negotiated by David Metzger and Nate Hyman
– A $3,187,500 first lien mortgage for the acquisition of a 32-unit multifamily in Bronx, NY. This transaction was negotiated by Jake Handelsman
– A $3,600,000 first lien mortgage for the acquisition of a three-story office building in Garden City, NY. This transaction was negotiated by Mendy Pfeifer and Motti Blau
– A $2,200,000 first lien mortgage to refinance a seven-unit single-story retail strip in Laurelton, NY. This transaction was negotiated Michael Muller
– A $2,020,000 first lien mortgage to refinance of a 17-unit multifamily in Queens, NY. This transaction was negotiated by Mendy Pfeifer and Motti Blau.
GCP Capital Group arranged mortgage financing in the aggregate amount of $24,012,500 for the following properties:
– A second mortgage in the amount of $12,000,000 for a package of 6 four-story apartment buildings containing a total of 117 apartments, located on Union Street in Brooklyn, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
– $3,787,500 for two contiguous five-story apartment buildings containing a total of 42 apartments, located on Decatur Avenue in the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
– $3,000,000 for a two-story mixed-use commercial building comprised of approx. 55,000 square feet, located in Elizabeth, New Jersey. Paul Greenbaum arranged the financing.
– $2,750,000 for a package of three multifamily apartment buildings containing a total of 28 apartments and 1 commercial unit, located throughout Garfield, New Jersey. Stephen Katz, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
– $2,475,000 for a four-story apartment building containing 8 apartments, located on East 110th Street in Manhattan, New York. David Sessa, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
Houlihan-Parnes Realtors, LLC, represented by Bryan Houlihan and James J. Houlihan, announced the placement of a $2,600,000 first mortgage on the multi-tenant retail building at 3427 Jerome Ave, Bronx, New York. The 7-year non-recourse loan has a fixed rate of 3.6% with Interest Only for two years. The loan closed with a local bank and is prepayable throughout the term of the loan on a declining scale. The Borrower also has the option to extend the loan for an additional 3 years. The Borrower was represented by Christie Houlihan and Stephen Soleymani of Morrison Cohen, LLP and title was provided by Jim Maloney of The Great American Title Company.
Walker & Dunlop LLC announced the following transaction:
– A bridge mortgage totaling $1,700,000 for the acquisition of a 15,000 SF strip center, located in Port Jefferson, and a 5,000 s/f, mixed use property, located in Huntington, Long Island. The loan was negotiated over a two week period to meet the client’s 1031 deadline, which required a very quick close by Neil Bane, senior vice president.
Pergolis Swartz Associates Inc. announced the following transactions:
– Barry Swartz closed permanent financing in the amount of $3,625,000 for a 4 story apartment building with 6 apartments and one store on First Avenue in Manhattan.
– Barry Swartz negotiated permanent financing in the amount of $4,500,000 for a six story residential apartment building consisting of 10 apartments and 3 stores on Stanton Street in Manhattan.
– Len Solinsky arranged for a construction loan in the amount of $1,500,000 for the renovation of a 15 unit apartment building plus extension on Bergen Street in Brooklyn.
Time Equities Inc. (TEI) recently announced 14 new loan closings totaling $99,000,000. Stuart Bruck, Director of Mortgage Brokerage at TEI, led the company in the following transactions:
– A $28,000,000 loan, with a fixed-rate of 3.03 percent for seven years, was set with a rate of 198bp over seven-year Canadian government bonds. The loan was closed for a mixed-use property consisting of office and residential units, in Montreal’s Financial District neighborhood.
– Four mortgage loans, totaling $12,025,000, closed for properties spanning the states of New York and Florida.
– A second mortgage loan, for a six-story residential building in New York City’s Bronx borough, closed with a coterminous term with the existing first mortgage.
– A first mortgage loan, secured by co-op shares also located in the Bronx borough, closed with a 15-year term and a 3.25 percent fixed rate for five years.
– A first mortgage loan, with a 15-year term and 3.125 percent fixed interest rate for five years, closed for an existing mixed-use property in the Mr. Vernon neighborhood of New York’s Westchester County.
– The fourth loan, with an interest rate of 3.95 percent and term of ten years, closed for a 50,779 square-foot shopping center located in Altamonte Springs, Florida.
– A $15,750,000 first mortgage loan, offering a term of five years with a five-year interest rate of 3.75 percent option, was secured by two retail condominium units and two office condominium units in Manhattan’s bustling Herald Square.
– A $13,600,000 loan, part of $30,000,000 existing line of credit, closed for unsold luxury multifamily rental condominiums in Grand Rapids, Michigan. The loan was structured with a three-year term with borrower’s option of LIBOR plus 250bp or prime plus 50bp.
– A $6,500,000 loan, with a seven-year term and seven years of Government of Canada bond yield plus 172 bps, was structured for a three-story office building located in the Montreal South Shore region in the city of Boucherville, Quebec. The building is currently 95.53 percent occupied and witnesses a strong tenant demand.
– A $6,500,000 loan was established for the acquisition and ground-up construction financing of seven residential units and one retail space in Manhattan’s iconic East Village neighborhood. The term of the loan is 24 months, including a 12-month extension option with the rate set over LIBOR.
– A $5,300,000 loan closed for an office building, maintaining a 88.52 percent occupancy rate, in California’s greater Silicon Valley area of Newark. The ten-year loan offers an interest rate of greater of 10 year swaps plus 180bp or 4.4 percent with a rate floor of 4.30 percent.
– A $5,000,000 loan closed, structured as a secured line of credit for three years with the bank’s prime lending note plus .75 percent, closed for a 69,082-square-foot mixed office and retail building located in Montreal, Quebec.
– A $4,000,000 first mortgage loan, with a term structured for ten years with a rate set at 182bp over the ten-year swap rate, closed for a 87,373 square-foot shopping center in Gallipolis, Ohio.
– A $1,500,000 first mortgage loan, with an interest rate of four percent for a 10-year term, closed to secure a retail shopping center featuring five store units in the Westchester neighborhood of the Bronx.
– An $825,000 loan closed for two retail properties located in a bustling neighborhood of Mount Vernon, New York. The loan has a term of five years, with an option for an additional five years, and was secured by a first mortgage lien on the land and improvements.