Real Estate Weekly
Image default
Banking and Finance Deals & Dealmakers

TRANSACTIONS: Emerald Creek Capital places $13,200,000 bridge loan in Prospect Lefferts Gardens

Meridian Capital announced the following transactions:

• A new mortgage of $9,100,000 was placed by Meridian on a multifamily property totaling 66 units located on Lefferts Avenue in Brooklyn, NY. The loan features a rate of 3.50% and a five-year term. This transaction was negotiated by Mark Brachfeld and Akiva Rosenberg.

• A new mortgage in the amount of $7,950,000 on a six-unit multifamily property located on Decatur Street in Brooklyn, NY. The loan features a rate of 3.40% and a five-year term. Jacob Rochlitz and Joseph Akerman negotiated this transaction.

• A new mortgage of $4,350,000 on a condominium property totaling 57 units located on Egg Harbor Road in Lindenwold, NJ. The loan features a rate of 3.50% and a five-year term. This transaction was negotiated by Jacob Schmuckler and Meir Schlusselberg.

• A $3,950,000 mortgage on a 16-unit multifamily property located on Washington Avenue in Brooklyn, NY. The loan features a rate of 3.55% and a five-year term. Jacob Rochlitz and Joseph Akerman negotiated this transaction.

• A new mortgage of $3,850,000 on a multifamily property totaling 20 units located on Hancock Street in Brooklyn, NY. The loan features a rate of 3.55% and a five-year term. This transaction was negotiated by Jacob Rochlitz and Tzvi Krieger.

• A $3,000,000 mortgage on a 36-unit multifamily property located on Broadway in New York, NY. The loan features a rate of 3.60% and a seven-year term. Morris Diamant and David Liechtung negotiated this transaction.

•••

Eastern Union Funding announced the following transactions:

• A $23,200,000 first lien mortgage for the acquisition of a 273-unit multifamily property in Wilmington, DE. This transaction was arranged by Jeffrey Seidenfeld.

• A $13,180,000 first lien mortgage for the acquisition of a 137-unit multifamily property in Largo, FL. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

• A $2,600,000 first lien mortgage for the refinance of a 21-unit mixed-use property in Far Rockaway, NY. This transaction was arranged by Jack Beida.

• A $2,580,000 first lien mortgage for the refinance of a 11-unit multifamily property in Washington, DC. This transaction was arranged by David Merkin and Marc Tropp.

• A $2,080,000 first lien mortgage for the refinance of a 8-unit multifamily property Astoria, NY. This transaction was arranged by David Metzger, Moshe Feiner, and Becky Friedler.

• A $1,977,500 first lien mortgage for the refinance of an office building in Cherry Hill, NJ. This transaction was arranged by Ira Zlotowitz and Steve Cohen.

• A $1,852,000 first lien mortgage for the refinance of a multifamily property in Astoria, NY. This transaction was arranged by by David Metzger, Moshe Feiner, and Becky Friedler.

• A $1,850,000 first lien mortgage for the refinance of a multifamily property Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.

• A $1,837,000 first lien mortgage for the refinance of a mixed-use property in Ridgewood,NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.

• A $1,725,000 first lien mortgage for the acquisition of an office building in Northbrook, IL. This transaction was arranged by Ira Zlotowitz and Michael Muller.

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

•••

Hirschmark Capital announced the following transactions:

• $8,200,000 bridge loan secured by two buildings in the Chinatown neighborhood of Manhattan. The subject properties have 10 apartments and 2 retail spaces, which totals 20,000 SF. The borrower needed capital to refinance. This transaction was negotiated by Jake Soodek.

• $800,000 bridge loan secured by a mixed-use building in the Williamsburg neighborhood of Brooklyn. The subject property is roughly 6,000 SF with three retail units and four apartments. The borrower needed capital for other business purposes. This transaction was negotiated by Michael Fuller.

• $1,475,000 bridge loan secured by a commercial building in the Sheepshead Bay neighborhood of Brooklyn. The property is roughly 9,000 SF and used as office and medical. The borrower needed capital to refinance the subject properties. This transaction was negotiated by Igor Vaysberg.

• $1,500,000 bridge loan secured by a mixed-use building in the Bushwick neighborhood of Brooklyn. The subject property is roughly 5,000 SF with four apartments and a commercial space. The building was recently gut renovated and the borrower needed capital to refinance. This transaction was negotiated by Michael Fey.

•••

GCP Capital Group arranged mortgage financing in the aggregate amount of $36,820,000 for the following properties:

• $24,000,000 combined financing for two six-story mixed-use apartment buildings containing a total of 52 units with approximately 26,920 square feet of commercial space, located on St. Nicholas Avenue in Manhattan. Adam Brostovski, principal, arranged the financing for these transactions.

• $7,500,000 for a 120,000 square foot luxury health and fitness complex, located in the Gravesend neighborhood of Brooklyn. Matthew Albano, managing director, arranged the financing.

• $2,820,000 for a four-story multifamily apartment building containing 20 units and 1,550 square feet of commercial space, located on St. Johns Place in Brooklyn. Stephen Katz, managing director, arranged the financing for this transaction.

• $2,500,000 for a one-story, single tenant commercial building of approximately 1,900 square feet, located in Rahway, New Jersey. Paul Greenbaum, managing memberp, arranged the financing for this transaction.

•••

Emerald Creek Capital announced the following transactions:

• A $13,200,000 bridge loan in the Prospect Lefferts Gardens neighborhood of Brooklyn, NY. The loan is secured by a two-story, 43,200 SF commercial building situated on a 27,000 SF corner lot. Financing was originated by ECC managing director Mike Cleaver and arranged by Meridian Capital.

• A $3,200,000 acquisition loan in the Hudson Yards neighborhood of New York, NY. The loan is secured by a 1,869 SF residential condominium unit situated on the 68th floor of a luxury tower. Financing was originated by Mike Cleaver.

• A $2,500,000 bridge loan in the Bedford-Stuyvesant neighborhood of Brooklyn, NY. The loan is secured by a 6,620 SF mixed-used building situated on a 2,000 SF corner lot. Financing was originated by Mike Cleaver.

•••

Arbor Realty Trust funded the following loans:

• A Freddie Mac Small Business Loan (SBL) in New York City. The property received $2.5M in cash-out refinancing through the program. Geoffrey Platt originated the loan. 18A Bleecker Street is an apartment building built in 2017. The four-story, eight-unit property is located in the heart of Bushwick on a quiet block with modern amenities and terraces.

• Eric Regenbogen originated two Fannie Mae Small Loans providing $8.3 million in acquisition funding. 6161 Ridge Ave. in Philadelphia, PA, a 27-unit, four-story complex, received $5.4 million, while 28 West Apartments in Milwaukee, WI, an 89-unit, three-story property, received $2.9 million.

•••

W Financial has provided the following bridge loans which were handled by Jarret Schochet, David Heiden, Andrew Singer and TJ Randall:

• $14,000,000 second mortgage bridge loan secured by a residential development site located in South Williamsburg. W had previously provided a $7,500,000 first mortgage loan on the site, bringing W’s total loan amount for its consolidated first and second mortgages to $21,500,000. Since the initial closing, the borrower, an experienced developer, has worked to up-zone the property and plans to refinance the W Financial loan with a construction loan once the development plans have been completed and fully approved.

 • $1,875,000 of bridge loan financing secured by first mortgage loans on two properties located in Nashville, Tennessee. One is a low-rise office building on 16th Avenue South, in the Music Row neighborhood, and the second is a 21-unit multifamily rental building on Straightway Avenue. The borrower plans to lease up the balance of the multifamily units and then refinance W’s loan with conventional financing prior to the end of the loan term.

• An $11,350,000 first mortgage bridge loan secured by eight pre-war, luxury apartments located within a 13-story, Beaux-Arts Revival style condominium building located on Manhattan’s Upper East Side. The bridge loan generated liquidity that the borrower required for another investment. The borrower plans to repay the W Financial loan as the units are sold.

 • An $18 million first mortgage bridge loan secured by a 14, mixed-use building on Madison Avenue in Midtown East. The borrower used the loan to purchase a discounted note on another property they owned. The borrower plans to refinance W’s loan within a short time with conventional bank financing.

(Visited 1 times, 12 visits today)

Related posts

Worldʼs first institutional co-living fund aiming to raise $850M

REW

Tech company expands to 89,000 s/f at 3 WTC

REW

Skyline adds Flippers

REW