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Deals & Dealmakers

TRANSACTIONS:

Marcus & Millichap Capital Corp. (MMCC) arranged a total of $4,280,000 in refinancing for 29 single-family rental properties in the southern New Jersey area. The loan was leveraged at 80 percent and was structured with five years of interest-only payments. Matthew Rosenberg, first vice president capital markets, and Jim Wolfe, associate, of Marcus & Millichap’s Philadelphia office, led the refinance.

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Arbor Realty Trust, Inc. funded a $9.3 million bridge loan in Miami, Florida. Arbor provided the loan, with a 24-month term, for the acquisition of Arlington Manor Apartments, a 91-unit multifamily property. Alexander Kaushansky of Arbor’s New York City office originated the loan.

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Black Mountain Capital, BMC, funded a $12.7 million bridge loan at 7.25% secured by a 12,000 s/f mixed-use building on Manhattan’s Upper East Side. Alex Elezaj arranged the financing through an affiliate entity. The loan that was collateralized by an townhouse at 14 East 69th Street and an investment property in the Hamptons. The funding will be used to renovate the subject properties and pay off a maturing loan.

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Cronheim Hotel Capital (CHC) arranged $6,125,000 for the refinance of the Hampton Inn Milledgeville. The loan was placed with a national lender and offered a 10-year term and 30-year amortization at a fixed interest rate. The 75-key property was purchased by the sponsor in 2015 and realized strong performance gains under new management and with the completion of a PIP. David Turley, principal of CHC closed the deal allowing the sponsor to return nearly all of their equity and secure an attractive interest rate.

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Eastern Union Funding announced the following transactions:

• A $11,425,000 first lien mortgage for the acquisition of a 320-unit multifamily property in Tulsa, OK. This transaction was arranged by David Eisen.

• A $8,500,000 first lien mortgage for the refinance of a mixed-use property in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer, Motti Blau and Chaim Greenfeld.

• A $8,000,000 first lien mortgage for the refinance of land in Bronx, NY. This transaction was arranged by Michael Muller.

• A $3,400,000 first lien mortgage for the refinance of a multifamily property in Union City, NJ. This transaction was arranged by CJ Danziger.

• A $2,520,000 first lien mortgage for the acquisition of a 12-unit multifamily property in Brooklyn, NY. This transaction was arranged by David Eisen and Meir Kessner.

• A $2,230,000 first lien mortgage for the refinance of a multifamily property in Ridgewood, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.

• A $1,590,000 first lien mortgage for the refinance of a multifamily property in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.

• A $1,350,000 first lien mortgage for the acquisition of a 18-unit mixed-use property in Philadelphia, PA. This transaction was arranged by Meir Kessner.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $62,200,000 for the following properties:

• $24,550,000 combined financing for a portfolio of eleven multifamily apartment buildings containing a total of 213 units with 2,800 s/f of commercial space, located throughout Manhattan. Paul Greenbaum, Managing Member, arranged the financing.

• $22,100,000 for two seven-story multifamily apartment buildings containing a total of 252 units, located on Gerard Avenue in the Bronx. Adam Brostovski, Principal, arranged the financing for this transaction.

• $10,550,000 construction financing for the development of a six-story residential building which will contain ten state-of-the-art apartments, located in the Cobble Hill section of Brooklyn. Matthew Albano, Managing Director, arranged the financing for this transaction.

• $5,000,000 for a four-building industrial/manufacturing complex comprised of approx. 81,400 square feet, located in Freeport, Nassau County. Matthew Classi, Managing Member, arranged the financing for this transaction.

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Michael Cuniberti and James K. Coleman of Houlihan-Parnes Realtors arranged mortgage financing totaling $10,100,000 on four retail properties. 426-438 Mamaroneck Avenue and 123-129 Halstead Avenue in Mamaroneck, 4174 White Plains Road, Bronx NY, and 44-25 Kissena Blvd, Flushing, NY. The properties are all multi-tenanted, mixed use properties in thriving urban locations. The separate refinancing’s were placed with a Long Island-based bank for 5-year terms at market interest rate with a 30-year amortization schedules. The loans were done at par and have sliding scale prepayment penalties and include 5-year options to extend. The borrower was represented by Christie L. Houlihan, Esq. and title provided by First American Title.

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Meridian Capital announced the following transactions:

• A new mortgage of $6,550,000 on a multifamily property totaling 15 units located on Prospect Place in Brooklyn. The loan features a rate of 3.78% and a five-year term. This transaction was negotiated by Abe Klein and Akiva Rosenberg.

• A new mortgage in the amount of $6,300,000 on a 48-unit multifamily property located on East 220nd Street in the Bronx, NY. The loan features a rate of 3.80% and a five-year term. Moe Rosenblum negotiated this transaction.

• A new mortgage of $3,100,000 on a multifamily property totaling eight units located on Bedford Avenue in Brooklyn. The loan features a rate of 3.88% and a five-year term. This transaction was negotiated by Jacob Rochlitz and Joseph Akerman.

• A new mortgage in the amount of $2,200,000 on a six-unit multifamily property located on Newport Street in Brooklyn. The loan features a rate of 3.88% and a five-year term. Mark Brachfeld and Akiva Rosenberg negotiated this transaction.

• A new mortgage of $1,200,000 was placed on a multifamily property totaling 10 units located on Joralemon Street in Brooklyn. The loan features a rate of 3.88% and a 10-year term. This transaction was negotiated by Chaim Tessler and Asher Urbach.

• A new mortgage in the amount of $825,000 on a 12-unit multifamily property located on Kensico Avenue in White Plains. The loan features a rate of 3.75% and a 36-month term. Zev Feder and Jason Bogopulsky negotiated this transaction.

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