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Debt & Equity

Transactions: Meridian’s $9.5M loan in Queens, GCP’s $18M in mortgage financing

Meridian Capital announced the following transactions:

  • A new mortgage in the amount of $9,500,000 on a 28-unit multifamily property located on 82nd Street in Queens, NY. The loan features a rate of 3.25% and a five-year term. Zev Feder negotiated this transaction.
  • A new mortgage of $4,750,000 on three-story, 12-unit multifamily property located on Lincoln Road in Brooklyn, NY. The loan features a rate of 3.25% and a five-year term. This transaction was negotiated by Isaac Filler.
  • A new mortgage in the amount of $3,500,000 on a six-story, 54-unit multifamily property located on Anthony Avenue in the Bronx, NY. The loan features a rate of 3.33% and a seven-year term. Michael Kesselman and Kerry Brick negotiated this transaction.
  • A new mortgage of $2,600,000 was placed by Meridian on a four-story, 19-unit multifamily property located on East 55th Street in Brooklyn, NY. The loan features a rate of 3.25% and a five-year term. This transaction was negotiated by Isaac Filler and Michael Helmreich.
  • A new mortgage in the amount of $2,000,000 on a five-story, 24-unit multifamily property located on Eastern Parkway in Brooklyn, NY. The loan features a rate of 3.25% and a five-year term. David Ganz and Eric Chapek negotiated this transaction.
  • A new mortgage of $1,820,000 was placed on a 25-unit multifamily property located on Parker Avenue in Passaic, NJ. The loan features a rate of 3.25% and a five-year term. This transaction was negotiated by Zev Feder and Adam Ehrenreich.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $18,150,000 for the following properties:

  • $6,450,000 for a six-story multifamily apartment building containing 48 units, located on West 157th Street in Manhattan, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
  • $4,500,000 for a one-story commercial building comprised of approx. 15,000 square feet, located on Junction Boulevard in Queens, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
  • $2,800,000 combined financing for 3 three-story mixed-use buildings containing a total of 6 apartments and 3 commercial units, located throughout Brooklyn, New York. Paul Greenbaum arranged the financing.
  • $2,450,000 for a three-story mixed-use building containing 1 ground floor commercial unit and 7 residential units, located in Philadelphia, Pennsylvania. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
  • $1,950,000 for a one-story, single-tenant retail building comprised of 6,000 square feet, located in Southampton, New York. Matthew Classi arranged the financing.

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Walker & Dunlop, Inc. arranged three Freddie Mac loans totaling $15,967,000 for the acquisition of three Section 8 affordable family housing projects located throughout the Southeast United States. The borrower, Stonebridge Global Partners, LLC, used the debt to acquire Oak Hammock in Jacksonville, Florida; Forest Hills Village in Birmingham, Alabama; and Villa North Apartments in Thomasville, Georgia.

  • The loans were funded through Freddie Mac’s Targeted Affordable Housing (TAH) program. Each is interest-only for the first five years and has a 30-year amortization schedule. The loans for Oak Hammock and Villa North are for 15 years while the loan for Forest Hills Village is for 12 years.
  • The Walker & Dunlop origination team consisted of Jeffrey Lawrence, senior vice president, and Matt Baptiste, assistant vice president.

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Cushman & Wakefield has secured three loans totaling $3.6 million on behalf of a local investor. The loans were used to refinance acquisition/renovation loans of three Brooklyn assets consisting of two mixed-use buildings at 1005 Broadway and 737 Church Avenue and a five-unit multifamily property at 733 Bushwick Avenue. Within two years of acquisition, ownership invested significant capital to renovate common spaces and seven out of the nine total residential units. Cushman & Wakefield’s Morris Betesh and Justin Boruchov exclusively handled the transaction. The lender was Cathay Bank.

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Eastern Union Funding announced the following transactions:

  • A first-lien mortgage for the $37 million acquisition of a seven-building multifamily portfolio in Harlem. This transaction was arranged by Jeffrey Seidenfeld. In addition, Marc Belsky with Eastern Equity Advisors arranged equity for this purchase.
  • A $9,700,000 first lien mortgage for the refinance of a 16-unit mixed-use property on Astoria Blvd. in Astoria, NY. This transaction was arranged by Mendy Pfeifer.
  • A $4,000,000 first lien mortgage for the refinance of a 39-unit mixed-use property on Hennessy Place in Bronx, NY. This transaction was arranged by Michael Muller.
  • Mendy Pfeifer and Motti Blau arranged a $2,800,000 first lien mortgage for the refinance of a 6-unit multifamily on Hart St. in Brooklyn, NY.
  • A $2,075,000 first lien mortgage for the refinance of a 5-unit multifamily on Locust St. in Brooklyn, NY. This transaction was arranged by David Metzger and Nate Hyman.
  • A $1,800,000 first lien mortgage for the refinance of a 15-unit mixed-use property on S. Fullerton Ave. in Montclair, NJ. This transaction was arranged by Moti Amsel and Jay Tyberg.
  • A $1,675,000 first lien mortgage for the acquisition of a 5-unit multifamily portfolio on Jersey City, NJ. This transaction was arranged by Michael Muller.
  • A $1,648,498 first lien mortgage for the acquisition of a 97-unit multifamily on Ellington Rd. in East Hartford, CT. Motti Blau arranged this transaction.
  • A $1,162,500 first lien mortgage for the acquisition of a 6,550 SF, 32-unit mixed-use property on N Main St. in Glen Ellyn, IL. This transaction was arranged by Marc Tropp and Shai Romirowsky.
  • A $1,102,500 first lien mortgage for the refinance of a 43-unit mixed-use portfolio on Hartford, CT. This transaction was arranged by David Metzger and Nate Hyman.

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Houlihan-Parnes Realtors placed an $18,000,000 first mortgage and credit facility on the property known as the Lawrence Shopping Center located at 2495-2421 Brunswick Pike & Harding Avenue in Lawrence, New Jersey.  The property is improved by a 400,000 s/f shopping center.  The property has been tied up in litigation for several years. The facility provided a permanent first mortgage to close the acquisition and a line of credit for the re-leasing of vacant space. Major tenants include Acme Supermarket, Burlington Coat Factory and Staples. The property was acquired by a joint venture of the Jemal Family’s JJ Operating Inc. and investors from Houlihan-Parnes Realtors. The purchasers were represented by Steve Uffner and Doran Golubtchik of Goldberg, Weprin, Finkel, Goldstein.

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