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Deals & Dealmakers

TRANSACTIONS: Meridian places $12M mortgage on 7th Ave. multifamily

Greystone, a commercial real estate lending, investment, and advisory company, has provided a $6.5 million Freddie Mac Small Balance Loan (SBL) to refinance a 53-unit multifamily property in East Orange, New Jersey. The transaction was originated by Jason Yuen in Greystone’s New York office, on behalf of Rockledge Clinton LLC. Red Oak Capital Advisors arranged the financing for the borrower.

The $6,500,000 financing is a non-recourse adjustable rate mortgage with a fixed rate for five years and a 30-year amortization period. Built in 1927, 49 South Clinton Street is a four-story, elevator building comprising one, two and three-bedroom apartments, with onsite laundry and parking.

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Greystone has also announved announced it has provided a $7,950,000 Freddie Mac Green Advantage loan to refinance a 92-unit multifamily property in Las Vegas, Nevada. The transaction was originated by Ana Ramos, Managing Director in Greystone’s Los Angeles office with Andy Bratt of Newmark Realty Capital acting as correspondent.

The $8 million fixed-rate loan carries a 10-year term with three years of interest only payments and a 30-year amortization period. The property, Nottingham Gardens, is a garden-style apartment and townhome community built in 1974. Since its acquisition in 2015, the current owner has invested in many capital improvements, both interior and exterior. 

Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates.

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Lancewood Capital provided a $3,865,000 bridge loan to finance a 20-unit multifamily building in Brighton Beach. The sponsor was facing a maturing bank loan and needed short-term financing during the lease-up and seasoning process. Lancewood Capital was able to provide competitive financing and closed in under two weeks. This transaction was arranged by Justin Godner and Matt Schatzle.

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CV Capital Funding has announced the closing of a $6,000,000 first mortgage acquisition bridge loan on a 130,800 s/f retail center in Fort Pierce, FL.

CV Capital Funding also announced the closing of a $750,000 first mortgage refinance bridge loan on a mixed-use property in Morris Plains, NJ.

Both deals were arranged by Anthony Iervolino.

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Eastern Union has announced the following transactions:

• A $16,650,000 first lien mortgage for the refinance of an industrial property in Rahway, NJ. This transaction was arranged by Ira Zlotowitz.

• A $8,260,000 first lien mortgage for the refinance of a 324-unit multifamily property in Tucson, AZ. This transaction was arranged by Marc Tropp and Asher Samberg.

• A $6,375,000 first lien mortgage for the acquisition of an office building in Houston; TX. This transaction was arranged by Abe Kolman.

• A $4,800,000 first lien mortgage for the refinance of a 48-unit multifamily property in Brooklyn. This transaction was arranged by Abraham Bergman and Eli Schwartz.

• A $2,606,000 first lien mortgage for the acquisition of a 10-unit multifamily property in Brooklyn. This transaction was arranged by Isaac Weiss.

• A $1,400,000 first lien mortgage for the refinance of a mixed-use property in Brooklyn. This transaction was arranged by Moshe Lipschitz.

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The following loans were arranged by Meridian:

• A new mortgage of $14,000,000 was placed on a cooperative property totaling 168 units located on Central Park West in New York. The loan features a rate of 3.22 percent and a 15-year term. This transaction was negotiated by Steve Geller and Nicoletta M. Pagnotta. 

 • Meridian placed a new mortgage in the amount of $12,000,000 on a 36-unit multifamily property located on Seventh Avenue in New York. The loan features a rate of 3.75 percent and a seven-year term. Zev Feder and Jason Bogopulsky negotiated this transaction. 

• A new mortgage of $6,800,000 was placed on a multifamily property totaling 30 units located on East 38th Street in Brooklyn. The loan features a rate of 3.63 percent and a five-year term. This transaction was negotiated by Steven Ribiat and Joseph Akerman. 

 • A new mortgage has been placed in the amount of $5,000,000 on a 43-unit multifamily property located on West 11th Street in Brooklyn. The loan features a rate of 3.63 percent and a five-year term. Judah Hammer and Jared Kaufman negotiated this transaction.

 • A new mortgage of $4,350,000 was placed on a multifamily property totaling 43 units on West 156th Street in New York. The loan features a rate of 3.75 percent and a 15-year term. This transaction was negotiated by Jacob Schmuckler and Shimon Karasick. 

 • Meridian placed a new mortgage in the amount of $3,100,000 on a 49-unit multifamily property located on East 21st Street in Brooklyn, NY. The loan features a rate of 3.75 percent and a 15-year term. Jacob Schmuckler and Meir Schlusselberg negotiated this transaction.

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