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Deals & Dealmakers

TRANSACTIONS: Meridian Capital places $9.5m Brooklyn multifamily mortgage

Cronheim Mortgage secured $10.5 million in financing for a 75,000 s/f newly constructed, freestanding ShopRite in Shrewsbury, NJ. The 25-year, self-liquidating loan was placed with One America. The interest rate was locked six months prior to closing and before the store had come out of the ground. The property was developed on former industrial park known as Shrewsbury Business Center. The Borrower is an entity affiliated with National Realty and Development Corp. (NRDC).

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GCP Capital Group arranged mortgage financing in the aggregate amount of $68,900,000 for the following properties:

• $50,000,000 for a recently renovated 18-story apartment/hotel property with interior commercial space, located in Murray Hill. Matthew Classi, managing member, arranged the financing for this transaction.

• $9,000,000 for a six-story multifamily apartment building containing 71 units and 5,650 s/f of commercial space, located on Ward Avenue in the Bronx, New York. Adam Brostovski, principal, arranged the financing.

• $6,000,000 for a four-story multifamily apartment building containing 14 units, located in the Prospect Heights neighborhood of Brooklyn. Matthew Albano, managing director, arranged the financing for this transaction.

• $3,900,000 for a five-story multifamily apartment building containing 41 units, located on Bryant Avenue in the Bronx. Jack Fried, senior associate, arranged the financing for this transaction.

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Meridian Capital announced the following transactions:

• A new mortgage of $9,500,000 on a multifamily property totaling 30 units located on Prospect Park West in Brooklyn. The loan features a rate of 3.85% and a seven-year term. This transaction was negotiated by Shamir Seidman and Jared Kaufman.

• A new mortgage of $5,250,000 on a 20-unit multifamily property located on Prospect Park West in Brooklyn. The loan features a rate of 3.50% and a seven-year term. Shamir Seidman and Daniel Neiss negotiated this transaction.

• A new mortgage of $2,500,000 on a multifamily property totaling 31 units located on East Mosholu Parkway in the Bronx. The loan features a rate of 4.13% 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 48-unit multifamily property located on South Catherine Street in Plattsburgh, NY. The loan features a rate of 4.01% and a 10-year term. Paul Gilbert negotiated this transaction.

• A new mortgage of $1,900,000 on a multifamily property totaling 26 units located on Lake Street in Monroe Township, NJ. The loan features a rate of 3.88% and a five-year term. This transaction was negotiated by Jacob Schmuckler.

• A new mortgage in the amount of $1,450,000 on a 10-unit multifamily property located on Coolidge Avenue in Jamaica, NY. The loan features a rate of 4.07% and a five-year term. Steven Ribiat and Joseph Akerman negotiated this transaction.

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Robert Ranieri, senior vice president/managing director of NorthMarq’s White Plains regional office, arranged a $1 million line of credit for a mixed-use property on Manhattan’s Upper East Side. Located at 301 East 84th Street in New York, New York, the 12,636 s/f property contains 25 apartment units and one ground floor commercial space. The transaction was structured with a three-year interest-only term. NorthMarq arranged financing for the borrower through its relationship with the lender, PCSB Bank.

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Eastern Union Funding announced the following transactions:

• A $16,450,000 first lien mortgage for the acquisition of a 150-unit multifamily property in Marietta, GA. This transaction was arranged by Michael Muller.

• 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 $7,393,000 first lien mortgage for the refinance of a mixed-use property Jamaica, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.

• A $6,700,000 first lien mortgage for the refinance of a mixed-use property in Brooklyn, NY. This transaction was arranged by David Eisen and Meir Kessner.

• A $5,000,000 first lien mortgage for the acquisition of an industrial property in Oceanside, NY. This transaction was arranged by Nachum Soroka.

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

• 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 $1,300,000 first lien mortgage for the refinance of a mixed-use property in Corona, NY. This transaction was arranged by Michael Muller and Efraim Perlowitz.

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Time Equities Inc. (TEI), announced that Stuart Bruck, Director of Mortgage Brokerage/Funding at TEI, led the company in the following transactions:

• A $24.5 million loan collateralized by a portfolio of seven apartment buildings located throughout the Bronx and Queens, NY. The Bronx buildings were located on Andrews Avenue, Sheridan Avenue, and the Grand Concourse. The portfolio consists of 478 apartments, five commercial units, one professional unit and 79 parking spaces. The 12-year loan placed with a New York local bank provided for an equity take-out for the borrower.

• A seven-year loan for $4,000,000 for a residential/retail building located on Greenwich Avenue in New York City. The property consists of eight apartments and two stores. More than 50% of the income comes from the commercial tenants. The stores were both occupied by established restaurant tenants.

• An $8,100,000 first mortgage loan secured by a landmarked building on Beaver Street, Manhattan. The loan is with a local lender and is for a term of seven years with a three-year extension option. The interest rate was fixed at 115 basis points over the 7-year Treasury Rate and payments under the loan are interest-only. The property contains two retail units and 39 apartments. 30% of the building’s income comes from the retail tenants.

• A first mortgage of $10,000,000 secured by a mixed-use apartment building on 96th Street. The building has 50 apartments and three retail stores. The 10-year interest-only loan was fixed at a rate 125 basis points over the 10-year Treasury Rate. The loan was closed with a local New York City lender.

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