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Debt & Equity

TRANSACTIONS: Progress Capital secures $8.7M luxury townhouse refinance

Progress Capital announced that Abe Mann and Brit Zamoyta secured $8,700,000 to refinance a package of two luxury townhome properties in New York City. 123 East 61st Street is an 8,500 s/f property located on the Upper East Side of Manhattan. It was in need of construction proceeds for hard and soft costs. Once completed, it will be offered for sale as a six-bedroom luxury townhome. 215 Clinton Avenue is a 6,000 s/f newly renovated luxury townhome in Clinton Hill. The loan was maturing and the owner needed replacement financing. Terms include a 2-year interest only period at a floating rate above Prime. The loan closed without an interest reserve.
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Greysteel arranged a condo inventory loan for five townhomes in the Carroll Gardens neighborhood of Brooklyn, NY. Director Corey Schwartz, from the firm’s New York office, secured the $7 million loan for the vacant units as they hit the market for sale, on behalf of the borrower. The property consists of six adjacent townhomes, one of which has been sold. Each unit has four bedrooms and 3.5-baths with over 4,000 s/f of living space, two terraces and a private backyard. The 4.95% inventory loan was secured on a 5-year term locked into a fixed-rate. Greysteel secured a cash-out for the sponsor to purchase a vacant lot nearby for future development.

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Meridian Capital announced the following transactions:
• A new mortgage of $7,250,000 was placed on a multifamily property totaling 50 units located on Booth Street in Rego Park, NY. The loan features a rate of 4.30% and a seven-year term. This transaction was negotiated by Chaim Tessler.
• A new mortgage in the amount of $7,000,000 on a 58-unit multifamily property located on Marcy Place in the Bronx, NY. The loan features a rate of 4.125% and a five-year term. Max Gejerman and Michael Farkovits negotiated this transaction.
• A new mortgage of $5,500,000 was placed on a cooperative property totaling 87 units located on East 77th Street in New York, NY. The loan features a rate of 4.30% and a 10-year term. This transaction was negotiated by David Steinmetz and Tzvi Krieger.
• A new mortgage in the amount of $4,100,000 on a 50-unit multifamily property located on Carpenter Avenue in the Bronx, NY. The loan features a rate of 4.30% and a seven-year term.
• A new mortgage of $3,000,000 was placed on a multifamily property totaling 15 units located on East 83rd Street in New York, NY. The loan features a rate of 4.30% and a seven-year term. This transaction was negotiated by Chaim Tessler.
• A new mortgage in the amount of $2,000,000 on a nine-unit multifamily property located on Caroline Avenue in Yonkers, NY. The loan features a rate of 4.125% and a five-year term. Judah Hammer and Jason Bogopulsky negotiated this transaction.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $30,150,000 for the following properties:
• $17,000,000 for three five-story multifamily apartment buildings containing a total of 92 units and 10,700 s/f of commercial space, located in the Washington Heights neighborhood of Manhattan. Paul Greenbaum, managing member, arranged the financing for this transaction.
• $5,900,000 for a one-story, 12,400 s/f retail building containing nine tenants, located on 63rd Drive in Queens. Adam Brostovski, principal, arranged the financing.
• $5,000,000 for a 54,150 s/f, two-story commercial building containing 8 retail units, located on Rockaway Boulevard in Queens. Matthew Classi, managing member, arranged the financing.
• $2,250,000 for two multifamily buildings and two mixed-use buildings containing a total of 15 apartments and 3 commercial units, located in Lynbrook, Nassau County. Matthew Albano, managing director, arranged the financing for this transaction.
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Emerald Creek Capital announced the following transactions:
• A $9,000,000 refinance for a Tribeca development site with 19,170 s/f of zoning floor area. The developers have planned a 7-story mixed-use building. Financing was originated by ECC managing director Jeff Seidler.
• A $7,000,000 refinance secured by a 22,447 s/f development site in the Elmhurst neighborhood of Queenswith a zoning floor area of 112,237 s/f. Plans have been approved for a 10-story mixed-use building. Financing was originated by Jeff Seidler.
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Eastern Union Funding announced the following transactions:
• $5,673,750 in first lien mortgages for the acquisition of two multifamily properties in Union County, NJ. These transactions were arranged by David Metzger.
• A $5,000,000 first lien mortgage for the refinance of a 14-unit multifamily on Hawthorne Street in Brooklyn, NY. This transaction was arranged by David Metzger.
• A $4,200,000 first lien mortgage for the acquisition of a commercial property in Jamaica, NY. This transaction was arranged by Isaac Weiss.
• A $2,300,000 first lien mortgage for the acquisition of an 8-unit multifamily on Flushing Avenue in Brooklyn, NY. This transaction was arranged by Michael Muller.
• A $2,200,000 first lien mortgage for the refinance of a 10-unit, mixed-use property on Westchester Avenue in Bronx, NY. This transaction was arranged by Moshe Lipschitz.
• A $2,200,000 first lien mortgage for the refinance of adjacent multifamily properties, totaling 16 units, on Lincoln Place in Brooklyn, NY. This transaction was arranged by David Metzger and Simcha Greenwald.
• A $1,250,000 second lien mortgage for the refinance of a 10-unit multifamily on Marcy Avenue in Brooklyn, NY. This transaction was arranged by Abe Kolman.
• A $1,160,000 first lien mortgage for the construction of a multifamily development on Glenwood Road in Brooklyn, NY. This transaction was arranged by David Metzger and Bernie Fried.

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