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Debt & Equity

TRANSACTIONS: GCP arranges $43M in multifamily loans

GCP Capital Group arranged mortgage financing in the aggregate amount of $43,285,000 for the following properties:
• $16,250,000 for an eight-story multifamily apartment building containing 137 units, located in Mount Vernon, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $11,075,000 for a six-story multifamily apartment building containing 66 units, located in the Midwood section of Brooklyn. Stephen Katz, Managing Director, arranged the financing.
• $8,225,000 for a six-story multifamily apartment building containing 36 units, located in the Williamsburg section of Brooklyn. Matthew Albano, Managing Director, arranged the financing for this transaction.
• $7,735,000 for two seven-story multifamily apartment buildings containing a total of 38 units and 4,650 square feet of commercial space, located on Amsterdam Avenue in Manhattan. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
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Washington Trust’s Commercial Real Estate Group recently provided $6.3 million to W.H.M. Realty, LLC, to finance the acquisition of a 12,900 s/f free-standing CVS Pharmacy in Farmington, CT. The 2.04-acre property is situated on the corner of Main Street (Rt. 10) and Scott Swamp Road (Rt. 552) in Farmington. The building, which was newly constructed in 2013, reflects the typical CVS prototype and includes access points from both avenues, a drive-thru window, and on-site parking for 72 vehicles. CVS Health is currently the largest pharmacy health care provider in the U.S., with more than 9,800 locations. Julia Anne M. Slom, Senior Vice President, made the announcement.
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Arbor Realty Trust announced the following transactions:
• The funding of a Fannie Mae DUS portfolio in Jonesboro, AR. Fox Run Apartments, a 66-unit multifamily property, received $5.2 million in funding through the program while Hidden Pointe Apartments, a 36-unit multifamily property, received $4.2 million. The terms included a 12-year fixed rate, with an interest only period, on a 30-year amortization schedule. Jonathan Chaim of Arbor’s New York City office originated the loan.
• A Fannie Mae DUS loan in Philadelphia, PA. 1155 South 15th Street, a 39-unit multifamily property, received $6.4 million in funding through the program. The deal includes a seven-year fixed rate with two years interest only terms. Jared Stein of Arbor’s New York City office originated the loans. The deal provided a cash-out refinance on a newly constructed multifamily property.
• A Freddie Mac SBL deal in Newark, New Jersey. 21-25 Willoughby Street, an 18-unit multifamily property, received $1.5M in funding through the program with a 10-year fixed rate and three years interest only on a 30-year amortization schedule. Geoffrey Platt of Arbor’s New York City office originated the loan.
• A bridge loan in Oak Forest, IL. reVerb Oak Forest, a 72-unit multifamily property, received $5.3 million in funding through the program. Ryan Duff of the New York City office originated the loan. Arbor was able to step in mid process, due to an outside lender retrade, and close quickly with no lockout on the prepayment. The borrower intends to settle into management, take over operations and immediately begin the refinance process into a long-term fixed-rate product.
• A Freddie Mac SBL deal in Carson, CA. Sky South Bay, a 13-unit multifamily property, received $2.8 million in funding through the program with a five-year hybrid term. Eugene Yanovskiy of Arbor’s New York City office originated the loan.
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Eastern Union Funding announced the following transactions:
• A $3,600,000 first lien mortgage for the acquisition of a building in Merrillville, IN. This transaction was arranged by Isaac Sternhill.
• A $1,330,000 first lien mortgage for the refinance of a shopping center in Daytona Beach, FL. This transaction was arranged by David Metzger.
• A $2,000,000 first lien mortgage for the refinance of a shopping center in Palm Bay, FL. This transaction was arranged by David Metzger.
• A $9,550,000 first lien mortgage for the refinance of a 60-unit mixed-use property in Bronx, NY. This transaction was arranged by Abraham Bergman, Ira Zlotowitz and Michael Muller.
• A $3,225,000 first lien mortgage for the refinance of a 34-unit multifamily property in Elizabeth, NJ. This transaction was arranged by David Metzger, Moshe Feiner, and Bernie Fried.
• A $3,206,250 first lien mortgage for the acquisition of a 102-unit mobile home in Stephenville; TX. This transaction was arranged by Marc Tropp, and Judah Aderet.
• A $6,925,000 first lien mortgage for the acquisition of a 30-unit multifamily property in Bronx, NY. This transaction was arranged by Ira Zlotowitz, and Michael Muller.
• A $2,000,000 first lien mortgage for the refinance of a mixed-use property in Bronx, NY. This transaction was arranged by David Metzger, Bernie Fried and Moshe Feiner.
• A $18,163,000 first lien mortgage for the acquisition of a 173-unit multifamily building in Philadelphia, PA. This transaction was arranged by David Metzger, Moshe Feiner, and Bernie Fried.
• A $1,000,000 first lien mortgage for the refinance of a 3-unit multifamily property in Brooklyn, NY. This transaction was arranged by Moti Amsel.
• A $2,900,000 first lien mortgage for the acquisition of a 9-unit mixed-use property in Brooklyn, NY. This transaction was arranged by Michael Muller and Moshe Lipschitz.

Meridian Capital Group announced the following transactions:


• A new mortgage of $7,800,000 on a multifamily property totaling 57 units located on Pelham Parkway South in the Bronx, NY.The loan features a rate of 3.90% and a 10-year term. This transaction was negotiated by Jeff Weinberg.
• A new mortgage in the amount of $6,000,000 on a 24-unit multifamily property located on Crosby Street in New York, NY. The loan features a rate of 4.00% and a 10-year term. David Ostrov negotiated this transaction.
* A new mortgage of $4,000,000 on a multifamily property totaling 138 units located on 178th Street in Queens, NY. The loan features a rate of 3.93% and a 10-year term. This transaction was negotiated by Avi Weinstock and Josh Rhine.
* A new mortgage of $3,500,000 on a 112-unit cooperative property located on Cabrini Boulevard in New York, NY. The loan features a rate of 3.93% and a 10-year term. Avi Geller and Nicoletta M. Pagnotta negotiated this transaction.
* A $3,300,000 mortgage on a multifamily property totaling 20 units located on West 18th Street in New York, NY. The loan features a rate of 3.95% and a five-year term. This transaction was negotiated by Jeff Weinberg. 
* A new mortgage in the amount of $2,425,000 on a six-unit multifamily property located on Linden Street in Ridgewood, NY. The loan features a rate of 3.94% and a five-year term. Joe Klein negotiated this transaction.

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