Real Estate Weekly
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Banking and Finance

TRANSACTIONS

HKS Real Estate Advisors reported the following transactions:

• A $8.15 million construction loan for the ground-up development of a seven-story, eight-unit residential condominium building in Manhattan. Michael Lee, partner, arranged the financing.

• A $4.8 million acquisition and renovation loan for the purchase and rehab of a five-story multi-family property comprised of 10 residential units in Manhattan. Michael Lee, partner arranged the financing.

• A $3.9 million acquisition loan for the purchase of a 56-unit multifamily asset in Durham, North Carolina. Max Ralby arranged the financing.

• A $3 million refinance for a vacant parcel of land at 60% LTV in Brooklyn. Rex Grasso arranged the financing.

• A $2 million refinance of a three-story 17,450 square foot property comprised of six commercial units in Queens. Charles Yellen, managing director, arranged the financing.

•••

Eastern Union Funding announced the following transactions:

• A $13,390,000 first lien mortgage for the refinance of a student housing property on in Willington, CT. This transaction was arranged by Michael Muller.

• A $8,000,000 first lien mortgage for the refinance of a 57-unit multifamily property in Brooklyn, NY. This transaction was arranged by Michael Muller.

• A $7,200,000 first lien mortgage for the acquisition of a shopping center in New Castle, PA. This transaction was arranged by Marc Tropp.

• A $3,992,044 first lien mortgage for the acquisition of a 31-unit multifamily property in New York, NY. This transaction was arranged by Ira Zlotowitz and Michael Muller.

• A $3,325,000 first lien mortgage for the refinance of a 22-unit multifamily property in New York, NY. This transaction was arranged by Michael Muller.

• A $3,000,000 first lien mortgage for the refinance of a shopping center in South Richmond Hill, NY. This transaction was arranged by Moshe Lipschitz.

• A $2,325,000 first lien mortgage for the acquisition of a mixed-use property in West Orange, NJ. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

• A $2,250,000 first lien mortgage for the refinance of a multifamily property in Brooklyn, NY. This transaction was arranged by Alex Freund.

• A $1,740,000 first lien mortgage for the refinance of a shopping center in Salisbury, MD. This transaction was arranged by Marc Tropp.

• A $1,698,750 first lien mortgage for the refinance of a single unit property in Trenton, NJ. This transaction was arranged by Ben Schwartz.

• A $1,500,000 first lien mortgage for the refinance of a multifamily property in Brooklyn, NY. This transaction was arranged by Alex Freund.

• A $1,325,000 first lien mortgage for the refinance of a multifamily property in Brooklyn, NY. This transaction was arranged by Meir Kessner and David Eisen.

• A $1,268,000 first lien mortgage for the refinance of a 12-unit multifamily property in Bronx, NY. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

• A $1,237,500 first lien mortgage for the acquisition of a mixed-use property in Brooklyn, NY. This transaction was arranged by Jack Beida.

• A $1,000,000 first lien mortgage for the refinance of a mixed-use property in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz.

•••

GCP Capital Group arranged mortgage financing in the aggregate amount of $39,462,000 for the following properties:

• $27,112,000 combined financing for nine garden apartment buildings containing a total of 187 units, located throughout Nassau County, New York. Matthew Albano, Managing Director of GCP Capital Group, arranged the financing for these transactions.

• $4,600,000 combined financing for two four-story multifamily apartment buildings containing a total of 31 units, located in the Cobble Hill and Brooklyn Heights neighborhoods of Brooklyn, New York. Stephen Katz, Managing Director of GCP Capital Group, arranged the financing for these transactions.

• $4,250,000 for three contiguous five-story multifamily apartment buildings containing a total of 51 units, located on West 45th Street in Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.

• $3,500,000 construction financing for the build out of two additional retail buildings of 12,000 square feet each to an existing retail property of approximately 56,000 square feet, located in Howell, New Jersey. Michael Charnowitz, Managing Director of GCP Capital Group, arranged the financing for this transaction.

•••

Meridian Capital announced the following transactions:

• Allan Lieberman negotiated a new $15 million mortgage for the six-story Windsor House multifamily property located at 110-20 73rd Road in the Forest Hills section of Queens, NY. The renowned six-story elevator apartment building is composed of 77 apartments and one professional unit. The new financing features a 12-year term entailing a series of options, with initial interest rate of 3.75% and amortizes on a 30-year schedule.

• A new mortgage of $23,250,000 was placed on a multifamily property totaling 347 units located on Clements Bridge Road Barrington, NJ. The loan features a rate of 3.75% and a five-year term. This transaction was negotiated by Elliott Birnbaum and Kerry Brick.

• A new mortgage in the amount of $7,500,000 on a 163-unit multifamily property located on East 79thStreet in New York, NY. The loan features a rate of 3.75% and a 10-year term. Steve Geller and Nicoletta M. Pagnotta negotiated this transaction.

• A new mortgage of $6,750,000 was placed on a multifamily property totaling 18 units located on Claremont Parkway in Bronx, NY. The loan features a rate of 3.85% and a five-year term. This transaction was negotiated by David Bollag.

• A new mortgage in the amount of $5,600,000 on a 54-unit multifamily property located on West 188thStreet in New York, NY. The loan features a rate of 3.88% and a seven-year term. Michael Kesselman and Kerry Brick negotiated this transaction.

• A new mortgage of $3,400,000 was placed on a multifamily property totaling nine units located on South 3rdStreet in Brooklyn, NY. The loan features a rate of 3.75% and a five-year term. This transaction was negotiated by Mark Brachfeld and Akiva Rosenberg.

• A new mortgage in the amount of $2,800,000 on a 60-unit multifamily property located on Ocean Avenue in Brooklyn, NY. The loan features a rate of 3.75% and a five-year term. Zev Feder and Jason Bogopulsky negotiated this transaction.

•••

Racanelli Realty Services arranged a $4,000,000 loan from Assurant Real Estate, a division of Assurant Asset Management. The loan was for the refinancing of an 80,000 square foot industrial property located at 80 Ruland Road, Melville, NY. The loan was secured by Vice President Nicholas E. Racanelli, who heads up the company’s Commercial Real Estate Financing Division.

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