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Deals & Dealmakers

TRANSACTIONS

Meridian Capital announced the following transactions:

• A new mortgage of $16,575,000 was placed on a multifamily property totaling 57 units located on Grove Avenue in Cedarhurst, NY. The loan features a rate of 3.73% and a seven-year term. This transaction was negotiated by Zev Feder.

• A new mortgage in the amount of $15,500,000 on a 272-unit cooperative property located on 215th Street in Bayside, NY. The loan features a rate of 3.88% and a 10-year term. David Ganz negotiated this transaction.

• A new mortgage of $8,200,000 on a multifamily property totaling 39 units located on Riverside Drive in New York, NY. The loan features a rate of 3.88% and a 36-month term. This transaction was negotiated by Chaim Tessler.

• A new mortgage in the amount of $5,750,000 on a 22-unit multifamily property located on South Broadway in Yonkers, NY. The loan features a rate of 3.95% and a 36-month term. Judah Hammer negotiated this transaction.

• A new mortgage of $5,400,000 was placed on a multifamily property totaling 42 units located on West 189th Street in New York, NY. The loan features a rate of 3.84% and a five-year term. This transaction was negotiated by Morris Diamant.

• A new mortgage in the amount of $5,280,000 on an 85-unit multifamily property located on Summit Avenue in Union City, NJ. The loan features a rate of 3.75% and a five-year term. Judah Hammer negotiated this transaction.

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Houlihan Parnes Realtors announced the following transactions:

• James J. Houlihan, Christie L. Houlihan and Bryan J. Houlihan secured the placement of a $4,212,000 first mortgage on 41-51 West Fordham Road, Bronx. The non-recourse loan is fixed for 5 years at 4.625%. The building is net leased to Rite Aid. The loan, closed with a local bank, is pre-payable throughout the term on a declining scale and the borrower has an option to extend the loan for an additional five years. The borrower was represented by John Hogan, Esq. of Goldberg Weprin Finkel Goldestein, LLP.

• Steve McCulloch arranged for the refinancing of two buildings at 700 & 900 Corporate Blvd. in Newburgh, NY, on behalf of a private partnership. The buildings total 72,000 s/f of flex space and are located within the Northeast Business Center. The two properties are fully leased to a variety of national and local businesses, accessible to I87 and I84 and front on Route 17K which runs along the eastern border of Stewart International Airport. The loan was in the amount of $3,750,000, a term of 7 years, an interest rate of 5.20% and non-recourse. The lender was a regional bank.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $49,137,500 for the following properties:

• $34,000,000 for a 32-story multifamily apartment building containing 250 units, located in Kew Gardens, Queens, New York. Alan Perlmutter, Managing Member, arranged the financing for this transaction.

• $6,700,000 for a newly developed six-story condominium building containing 45 units and approximately 3,700 s/f of commercial space, located in Jersey City, New Jersey. Paul Greenbaum, Managing Member, arranged the financing .

• $4,500,000 for a six-story mixed-use building containing 10 luxury apartments and 2,000 s/f of ground floor commercial, located on Ninth Avenue in Manhattan, New York. David Sessa, Managing Director, arranged the financing.

• $3,937,500 for a one-story commercial building comprised of 25,000 square feet, located in the Hunts Point section of the Bronx, New York. Jack Fried, Senior Associate, arranged the financing for this transaction.

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Emerald Creek Capital announced the following transactions:

• A $4,500,000 bridge loan in the Midtown East neighborhood of New York, NY. The loan is secured by a 7,200 square foot office condominium unit situated within a 24-story mixed-use building. The loan was originated by ECC Managing Director Jeff Seidler.

• A $3,500,000 bridge loan in the Kips Bay neighborhood of New York, NY. The loan is secured by a 4-story mixed-use building currently improved with 5 residential units and ground floor retail. The loan was originated by ECC Managing Director Jeff Seidler.

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Eastern Union Funding announced the following transactions:

• A $17,700,000 first lien mortgage for the refinance of a 329-unit senior living property in Milwaukee, WI. This transaction was arranged by Phil Krispin.

• A $13,000,000 first lien mortgage for the refinance of a 110-unit senior living property in Saginaw, MI. This transaction was arranged by Phil Krispin.

• A $3,780,000 first lien mortgage for the refinance of a 14-unit mixed-use property in New York, NY. This transaction was arranged by Isaac Sternhill.

• A $3,250,000 first lien mortgage for the refinance of a 62-unit multifamily property in Clementon, NJ. This transaction was arranged by Jeffrey Seidenfeld.

• A $2,600,000 first lien mortgage for the refinance of a 8-unit multifamily property in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.

• A $2,500,000 first lien mortgage for the refinance of a 27-unit mixed-use property in Bronx, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.

• A $2,350,000 first lien mortgage for the refinance of a shopping center in Vernon, CT. This transaction was arranged by Moti Amsel.

• A $1,650,000 first lien mortgage for the acquisition of a 10-unit multifamily property in Bronx, NY. This transaction was arranged by Judah Aderet.

• A $1,300,000 first lien mortgage for the refinance of a 10-unit shopping center in North East, MD. This transaction was arranged by Marc Tropp.

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CPC Mortgage Company LLC, a subsidiary of the Community Preservation Corporation (CPC), announced the closing of a $9.6 million Federal Housing Administration (FHA) loan to refinance two rent stabilized, multifamily properties in Manhattan’s East Harlem community. Tim Deegan, vice president and Head of Agency Originations, made the announcement. The two six-story walk-up, mixed-use rent regulated buildings located on East 116th Street were constructed circa 1920 and consist of a total of 52 rental units. CPC’s FHA Section 223(f) product allowed the borrower to refinance both properties at a more favorable rate, and fund standard repair and maintenance work. The property will also enter into an Article XI tax exemption with the City of New York, helping to ensure that the project remains financially stable and well-maintained, with rents staying affordable to the current tenants.

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Arbor Realty Trust announced the following transactions:

• A Fannie Mae DUS Seniors Housing Loan in Hamden, CT. Meadow Mills Assisted Living & Memory Care, a 60-unit assisted living facility, received $7.5 million in refinance funding through the program. The loan includes a 10 year, fixed-rate term on a 30-year amortization schedule. Ari Short of Arbor’s New York City office originated the loan. Built on two acres, Meadow Mills provides its residents with all-inclusive services and amenities including a trained nursing staff, life enrichment programs, housekeeping and laundry services. The community is fully equipped to accommodate guests with Alzheimer’s disease and dementia.

• A&M Courtyard, Bryan, TX, a 32-unit student housing property received $1.1 million in acquisition funding through the Fannie Mae DUS Small Loan program. The loan provides a 10 year, fixed-rate term on a 30-year amortization schedule. A&M Courtyard provides housing for nearby Texas A&M University students, and features a swimming pool with deck, covered walkways and landscaping. Austin Walker of Arbor’s New York City office originated the loan.

• Raleigh Square Apartments, Oklahoma City, OK, a 105-unit multifamily property received $2.2 million in acquisition funding through the Fannie Mae ARM 7-6 loan program. The loan provides a 7-year term with an adjustable rate on a 30-year amortization schedule. Raleigh Square Apartments are near Will Rogers World Airport. Austin Walker originated the loan.

• Timberline Mobile Home Park, Show Low, AZ, a 128-unit multifamily property received $2.8 million in acquisition funding through the Fannie Mae DUS loan program. The loan provides a 12 year, fixed-rate term with two years of interest only on a 30-year amortization schedule. Timberline Mobile Home Park is a mix of 89 mobile home sites, 38 RV sites and one apartment unit. The site includes a storage building, clubhouse with community kitchen, laundry room, banquet hall, library and RV/boat storage area. Austin Walker originated the loan.

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