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Deals & Dealmakers

TRANSACTIONS: Meridian places new mortgage of $15,000,000 for multifamily on Ludlow Street

Arbor Realty Trust funded the following loans:

• 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 Assisted Living & Memory Care provides residents with all-inclusive services and amenities including nursing staff, dining halls and life enrichment programs. The community is fully equipped to accommodate guests with Alzheimer’s disease and dementia.

• A Fannie Mae Small Loan in Myrtle Beach, SC. The Avenue North – Myrtle Beach Portfolio received $3.2M in funding through the deal. Eric Regenbogen of Arbor’s Uniondale office originated the loan.

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Emerald Creek Capital provided a $2,830,000 acquisition and building loan in Westhampton Beach, NY on the south shore of Long Island. The loan is secured by a 14,375 square foot oceanfront property with 80 feet of beach frontage. Financing was originated by ECC Managing Director Mike Cleaver.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $70,250,000 for the following properties:

• $31,000,000 for a 79,000 s/f retail shopping center, located on Bruckner Boulevard in the Bronx, New York. David Sessa, Managing Director of GCP Capital Group, arranged the financing for this transaction.

• $25,000,000 for a five-story residential/commercial building that will be gut renovated and converted to a first class office/retail property, located in the Williamsburgh neighborhood of Brooklyn, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.

• $7,250,000 for two contiguous five-story multifamily apartment buildings containing a total of 61 apartments and 1 commercial office, located on Cabrini Boulevard in Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.

• $7,000,000 for a two-story garage condominium comprised of approximately 19,850 square feet, located in the Clinton-Hell’s Kitchen neighborhood of Manhattan, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for this transaction.

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Meridian Capital announced the following transactions:

• A new mortgage of $15,000,000 was placed on a multifamily property totaling 39 units located on Ludlow Street in New York, NY. The loan features a rate of 3.89% and a seven-year term. This transaction was negotiated by Zev Feder and Jason Bogopulsky.

• A new mortgage in the amount of $9,400,000 on a 44-unit multifamily property located on Amsterdam Avenue in New York, NY. The loan features a rate of 3.88% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.

• A new mortgage of $6,500,000 was placed on a multifamily property totaling 20 units located on Hester Street in New York, NY. The loan features a rate of 3.88% and a five-year term. This transaction was negotiated by Michael Homapour and Ami Levin.

A new mortgage in the amount of $6,500,000 on a 49-unit multifamily property located on Albany Avenue in Brooklyn, NY. The loan features a rate of 3.89% and a five-year term. Jacob Schmuckler and Meir Schlusselberg negotiated this transaction.

• A new mortgage of $4,000,000 was placed on a multifamily property totaling nine units located on West 39th Street in New York, NY.The loan features a rate of 3.88% and a five-year term. This transaction was negotiated by Michael Homapour and Ami Levin.

• A new mortgage in the amount of $1,800,000 on a 500 square foot commercial condominium located on East 70th Street in New York, NY. The loan features a rate of 3.96% and a five-year term. David Oheb negotiated this transaction.

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Case Real Estate Capital, LLC funded a $4,175,000 first mortgage bridge loan with an extension option, secured by a 1,875 s/f lot and in-progress townhome in the Park Slope neighborhood of Brooklyn. Loan proceeds will be utilized to finish construction of the 5,782 s/f, five-story, ground-up luxury project, which is slated to be completed and listed for sale in the mid-summer. This is the first ground-up construction project for the borrower. The sponsor will utilize the funding to pay down the first and second mortgages and to complete the remaining 20 percent of construction. Sanford Herrick, founder and managing principal, made the announcement.

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Eastern Union Funding announced the following transactions:

• A $7,500,000 first lien mortgage for the refinance of a mixed-use property Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.

• A $4,485,000 first lien mortgage for the refinance of a 42-unit multifamily property in Washington, DC. This transaction was arranged by Marc Tropp and David Merkin.

• A $3,865,000 first lien mortgage for the acquisition of a 26-unit multifamily property in Hollis, NY. This transaction was arranged by Michael Muller.

• A $3,814,000 first lien mortgage for the acquisition of a 24-unit multifamily property in Hollis, NY. This transaction was arranged by Michael Muller.

• A $3,125,000 first lien mortgage for the acquisition of a 24-unit multifamily property in Hollis, NY. This transaction was arranged by Michael Muller.

• A $2,850,000 first lien mortgage for the refinance of a mixed-use property in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.

• A $2,850,000 first lien mortgage for the refinance of a multifamily property in Columbia, SC. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

• A $2,345,000 first lien mortgage for the refinance of a 14-unit multifamily property in Hempstead, NY. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

• A $1,800,000 first lien mortgage for the refinance of an industrial property in Brooklyn, NY. This transaction was arranged by Abraham Bergman and Eli Schwartz.

• A $1,468,000 first lien mortgage for the refinance of a multifamily property NE in Washington, DC. This transaction was arranged by David Merkin and Marc Tropp.

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