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Debt & Equity

TRANSACTIONS: Hirshmark arranges $8.75M bridge loan, Eastern Union cuts $6M mortgage

Hirshmark Capital, through an affiliate entity, announced the funding of a $8,750,000 bridge loan secured by a multifamily building in Queens. The property is a 70,000 s/f building with 80 units. The borrower needed capital to refinance an existing bank loan. This is yet another example of our aggressive appetite in providing short term bridge financing in a time sensitive manner. This transaction was negotiated by Hirshmark’s Igor Vaysberg.

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Eastern Union Funding announced the following transactions:

• A $6,000,000 first lien mortgage for the refinance of a single-tenant office building on Vassar Ave in Lakewood, NJ. This transaction was arranged by Jay Tyberg and Moti Amsel.

• A $5,497,000 first lien mortgage for the refinance of a10-unit mixed-use on Bedford Ave in Brooklyn, NY. This transaction was arranged by Alex Freund.

• A $2,900,000 first lien mortgage for the refinance of a 16-unit mixed-use on Ocean View Ave in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.

• A $1,250,000 first lien mortgage for the refinance of a 8-unit multifamily on Atlantic Ave in Brooklyn, NY. This transaction was arranged by Alex Freund.

• A $1,008,000 first lien mortgage for the refinance of a 6-unit multifamily on E 204th St in Bronx, NY. This transaction was arranged by Nate Hyman, Bernie Fried and David Metzger.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $28,925,000 for the following properties:

• $13,800,000 for four five-story multifamily apartment buildings containing a total of 62 units, located on West 88th Street in Manhattan. David Sessa, Managing Director of GCP Capital Group, arranged the financing for this transaction.

• $6,100,000 combined financing for a one-story medical/professional building of 12,000 square feet and a to-be-constructed, single-story commercial building of 6,000 square feet occupied by 7-11. Both properties are located in Bayshore, Suffolk County, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for these transactions.

• $4,500,000 for a five-story multifamily apartment building containing 43 units, located on Bainbridge Avenue in the Bronx, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.

• $3,225,000 for two adjacent three-story multifamily apartment buildings containing a total of 19 units, located on West 183rd Street in Manhattan, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.

• $1,300,000 for two mixed-use buildings, one three-story and part one-story, comprised of one luxury duplex apartment and one commercial unit, located in the Williamsburg neighborhood of Brooklyn, New York. Steven Goldstein, Senior Associate of GCP Capital Group, arranged the financing for this transaction.

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RCG Longview has closed a $5,000,000 second mortgage loan for the refinance of a retail & office condominium in the SoHo neighborhood of New York, NY. The loan is subordinate to a $13,000,000 first mortgage loan provided by a balance sheet lender. In addition to repaying the preexisting debt, the loan allowed for the time necessary for the sponsor to execute their business plan, which includes re-leasing below-market, expiring retail space at current market levels. Given those below market rents in place at closing, the loan was structured with an interest reserve, as well as funds for the anticipated costs associated with the future leasing.

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Meridian Capital announced the following transactions:

• A new mortgage in the amount of $25,000,000 on a 754-unit cooperative property located on 43rdStreet in Woodside, NY. The loan features a rate of 4.17% and a 20-year term. Steve Geller and Nicoletta M. Pagnotta negotiated this transaction.

• A new mortgage of $2,300,000 was placed by Meridian on a mixed-use property totaling seven units located on Eastern Parkway in Brooklyn, NY. The loan features a rate of 4.25% and a five-year term. This transaction was negotiated by Michael Ryback and Judah Hammer.

• A new mortgage in the amount of $1,700,000 on an eight-unit multifamily property located on Jefferson Street in Hoboken, NJ. The loan features a rate of 4.34% and a five-year term. David Hayum negotiated this transaction.

• A new mortgage of $1,650,000 was placed on a multifamily property totaling five units located on St Nicholas Avenue in Brooklyn, NY. The loan features a rate of 3.875% and a five-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.

• A new mortgage in the amount of $1,600,000 on a 10-unit multifamily property located on Adams Street in Hoboken, NJ. The loan features a rate of 4.34% and a five-year term. David Hayum negotiated this transaction.

• A new mortgage of $1,500,000 was placed on a multifamily property totaling six units located on Bainbridge Street in Brooklyn, NY. The loan features a rate of 3.875% and a five-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.

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