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Deals & Dealmakers

TRANSACTIONS: GCP arranges $12M loan in the Bronx, Meridian tackles $26M Jersey loan

Eastern Union Funding announced the following transactions:

  • A $5,275,000 first lien mortgage for the refinance of a multifamily on 49th Street in Brooklyn. This transaction was arranged by Jeffrey Seidenfeld.
  • A $4,300,000 first lien mortgage for the refinance of a 16-unit multifamily on Chauncey St in Brooklyn. This transaction was arranged by Jeffrey Seidenfeld.
  • A $4,063,000 first lien mortgage for the refinance of a 4-unit mixed-use property on Bergen Avenue in Jersey City, NJ. This transaction was arranged by Meir Kessner.
  • A $4,000,000 first lien mortgage for the acquistion of a 1-unit single tenant property on Eagle Rock Avenue in West Orange, NJ. This transaction was arranged by David Metzger.
  • A $2,525,000 first lien mortgage for the refinance of a 32-unit multifamily property on Eastern Parkway in Brooklyn. This transaction was arranged by Abraham Bergman.
  • A $2,250,000 first lien mortgage for the refinance of a 15-unit multifamily building on Fulton Avenue in Bronx, NY. This transaction was arranged by Michael Muller and Ira Zlotowitz.
  • A $2,074,000 first lien mortgage for the refinance of a 5-unit mixed-use property located on Fleming Avenue in Newark, NJ. This transaction was arranged by Meir Kessner.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $32,200,000 for the following properties:

  • $12,000,000 for a package of seven multifamily apartment buildings containing a total of 165 units and 1,480 square feet of commercial space, located in the Morrisania neighborhood of the Bronx. Adam Brostovski, principal, arranged the financing.
  • $9,000,000 for a four-story mixed-use building containing 8 apartments and 1,800 square feet of commercial space, located in the Brooklyn Heights neighborhood of Brooklyn. Alan Perlmutter, managing member, arranged the financing for this transaction.
  • $6,200,000 for an eleven-story mixed-use loft building containing six loft apartments and approximately 6,800 s/f of commercial space, located in the Flatiron neighborhood of Manhattan. Matthew Classi, managing member, arranged the financing.
  • $5,000,000 for three five-story multifamily apartment buildings containing a total of 68 units, located in the East Village of Manhattan. Paul Greenbaum, managing member, arranged the financing.

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Emerald Creek Capital provided a $6,425,000 construction loan in Bridgehampton, NY. The loan is secured by a 26,572 s/f beachfront property on Dune Road, currently being developed into a three-story, four-bedroom residence with 6,431 s/f of living space. Financing was originated by ECC managing director Jeff Seidler.

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Houlihan-Parnes Realtors announced the following transactions:

  • Richard Hendey & Mike O’Neill placed a $1,700,000 first mortgage on the 8,500 s/f retail property at 58-72 Garth Road, near the Scarsdale Metro-North station in Westchester, NY. The 7-year, non-recourse loan is fixed at 4.87% interest on a 30-year amortization schedule. The lender, a local bank, did a par deal and also agreed to 3-year option to extend. The borrower was represented in the transaction by John Hogan of Goldberg Weprin Finkel & Goldstein.
  • Jeremiah A. Houlihan and James Coleman arranged 1st mortgage financing in the amount of $9,225,000 for two multi-family properties in Irvington and White Plains, NY. The properties were held in the same ownership for over 40 years and were sold to a White Plains-based real estate company for an undisclosed price. 111 North Broadway (Route 9) in Irvington, NY is a 3-story brick converted mansion that contains 17 apartments and on-site parking. 177 Grand Street is 5-story elevator brick building with 56 apartments and 9 ground floor retail stores. The 1st Mortgage Loans were placed with a savings bank for 7-year terms at a 4.75% interest rate with a 2-yr interest only component on 30-yr amortization schedules. The lender charged no commitment fee and the loan has sliding scale prepayment penalties.

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Meridian Capital announced the following transactions:

  • A new mortgage of $26,900,000 was placed on a multifamily property totaling 159 units located on Park Square in Rahway, NJ. The loan features a rate of 4.625% and a five-year term. This transaction was negotiated by Jacob Schmuckler and Meir Schlusselberg.
  • A new mortgage in the amount of $10,500,000 on a 67-unit multifamily property located on Metropolitan Avenue in Kew Gardens, NY. The loan features a rate of 4.50% and a five-year term. Chaim Tessler negotiated this transaction.
  • A new mortgage of $2,7500,000 on a multifamily property totaling 58 units located on Burke Avenue in the Bronx, NY. The loan features a rate of 4.37% and a five-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.
  • A new mortgage in the amount of $2,500,000 on a nine-unit multifamily property located on Nostrand Avenue in Brooklyn, NY. The loan features a rate of 4.125% and a five-year term. Judah Hammer and Jason Bogopulsky negotiated this transaction.
  • A new mortgage of $1,800,000 was placed on a multifamily property totaling 15 units located on Pacific Street in Brooklyn, NY. The loan features a rate of 4.375% and a five-year term. This transaction was negotiated by Israel Leiner and Sam Shifer.
  • A new mortgage in the amount of $800,000 on a seven-unit multifamily property located on Lafayette Place in Englewood, NJ. The loan features a rate of 4.375% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.

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Progress Capital announced that Kathy Anderson negotiated a $10,000,000 permanent mortgage loan for Jerald Development Group, for their the mixed-use building at 101 Prosper Way in Brick, NJ. The 4-story property has 20,000 s/f of ground floor retail and 44 apartments. Lakeland Bank provided 4.60% fixed rate for seven years and a 30-year amortization, equity recapture and swap breakage. The proceeds of the loan will be used to retire the existing debt and provide cash-out of vested equity that will be used to fuel a continued expansion of the borrower’s real estate investment portfolio.

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