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Debt & Equity

Transactions: Meridian refis Chinatown property, Love closes $6.8M for assisted living center

Meridian Capital Group announced the following transactions:

  • $3.6 million for the refinance of a commercial property located in Chinatown. The 10-year loan, provided by a national balance sheet lender, features a fixed rate of 4.39%. The transaction was negotiated by Brian Flax, Blake Orman and Ami Levin. The property, located at 27 East Broadway, is a seven-story, seven-unit commercial building with office spaces from the second floor to the seventh floor, a retail space on the ground floor and a vault on the cellar floor.
  • A new mortgage in the amount of $2,600,000 on a four-story, eight-unit multifamily property located on West Ninth Street in New York, NY. The loan features a rate of 3.25% and a five-year term. Brian Flax and Blake Orman negotiated this transaction.
  • A new mortgage of $16,300,000 on a six-story, 83-unit multifamily property located on West 130th Street in New York, NY. The loan features a rate of 3.375% and a five-year term. This transaction was negotiated by Avi Weinstock and Josh Rhine.
  • A new mortgage in the amount of $5,000,000 on a five-story, 48-unit multifamily property located on Cauldwell Avenue in the Bronx, NY. The loan features a rate of 3.29% and a five-year term. Morris Diamant and Abe Klein negotiated this transaction.
  • A new mortgage of $3,650,000 was placed on a six-story, 121-unit cooperative property located on 72nd Road in Queens, NY. The loan features a rate of 3.50% and a 10-year term. This transaction was negotiated by Steve Geller and Nicoletta M. Pagnotta.
  • A new mortgage in the amount of $4,000,000 on a 34-unit multifamily property located on East Fourth Street in Mount Vernon, NY. The loan features a rate of 3.64% and a five-year term. Zev Feder and Adam Ehrenreich negotiated this transaction.
  • A new mortgage of $500,000 was placed on a six-unit multifamily property located on 71st Street in Guttenberg, NJ. The loan features a rate of 3.50% and a five-year term. This transaction was negotiated by Zev Feder and Adam Ehrenreich.

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Love Funding closed a $6.8 million bridge loan for the construction of a new assisted living and memory care center under development in South Jordan, Utah. Our House of South Jordan will offer 62 beds in the new 42,000 s/ffacility being built by a team led by Giza Development LLC and which also includes Stout Construction and Primera Group. The facility will be operated by SAL Management Group LLC. The bridge financing was secured by senior director James Vanar from Midland States Bank.

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Eastern Union Funding announced the following transactions:

  • Shai Romirowsky arranged $2.25 million in acquisition and renovation financing for 5000 West Bloomingdale Avenue, a 138,000 s/f flex office and warehouse property situated on 5.1 acres in Chicago, IL. The site includes an adjacent 31,250 s/f land parcel. The well-maintained, two-story building will be converted to multi-tenant use.
  • A $4,000,000 first lien mortgage for the refinance of an 11-unit multifamily on Wayne St. in Jersey City, NJ. This transaction was arranged by Michael Muller.
  • A $3,300,000 first lien mortgage for the refinance of a 20-unit multifamily on St. Marks Ave. in Brooklyn, NY. This transaction was arranged by David Metzger and Nate Hyman.
  • A $2,500,000 first lien mortgage for the refinance of a 6-unit multifamily on Hart St. in Brooklyn, NY. This transaction was arranged by David Eisen.
  • A $2,300,000 first lien mortgage for the acquisition of a 9-unit mixed-use on Flatbush Ave. in Brooklyn, NY. This transaction was arranged by Michael Muller.
  • A $2,206,000 first lien mortgage for the refinance of a 9-unit multifamily on Lenox Rd. in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
  • A $1,025,000 first lien mortgage for the acquisition of a 3,241 s/f condo on LaGuardia Pl. in New York, NY. This transaction was arranged by Motti Blau.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $76,775,000 for the following properties:

  • $50,000,000 for a portfolio of ten multifamily apartment buildings containing a total of 474 units, located in Inwood, Hudson Heights and Washington Heightsn, New York. Adam Brostovski, principal, arranged the financing for this portfolio.
  • $8,750,000 for a four-story apartment building containing 57 units and 3,700 square feet of commercial space, located on St. Nicholas Avenue in Brooklyn, New York. Alan Perlmutter, Managing Member, arranged the financing. • $8,000,000 for a seven-story multifamily apartment building containing 65 units, located on Fulton Street in Brooklyn, New York. Paul Greenbaum, Managing Member, arranged the financing for this transaction.
  • $5,825,000 for a five-story apartment building containing 45 units and 3,000 square feet of commercial space, located on Putnam Avenue in Queens, New York. Alan Perlmutter arranged the financing.
  • $4,200,000 for a single-story commercial building comprised of approximately 12,500 square feet, located on Hillside Avenue in Queens, New York. Paul Greenbaum arranged the financing.

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