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Debt & Equity

TRANSACTIONS: Houlihan-Parnes refinances Gateway Plaza

Houlihan-Parnes Properties announced the following transactions:
Jeremiah A. Houlihan and James K. Coleman arranged first mortgage financing in the amount of $4,500,000 for the refinancing of Gateway Plaza, a 4-story office building in downtown Port Chester. The building contains 40,000 s/f with on-site parking. It was purchased in 2018 with 60 percent occupancy for $4,250,000. The owners improved the building and within one-year had it 100 percent leased. The loan was placed with a NY Savings Bank for a 7-year term at a market interest rate with an 18-month interest only component and then a 30-year amortization schedule. The lender charged no commitment fee and the loan has sliding scale prepayment penalties.
Ed Graf arranged a first mortgage loan for a strip center located at 236-244 Route 9W, Haverstraw, N.Y. The retail property is 13,400 s/f and consists of 8 stores. The non-recourse $1,100,000 loan is fixed for 7 years with a 5-year option to extend. The par loan has right to prepay with a 5% penalty in year 1 declining 1% per year, with no penalty in the last three months of the term.

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Eastern Union Funding announced the following transactions:
• A $14,750,000 first lien mortgage for the refinance of a multifamily property in Brooklyn, NY. This transaction was arranged by Chaim Greenfeld.
• A $9,600,000 first lien mortgage for the refinance of a 29-unit multifamily property in Brooklyn, NY. This transaction was arranged by David Eisen and Meir Kessner.
• A $5,200,000 first lien mortgage for the refinance of an office building in Lakewood, NJ. This transaction was arranged by Moti Amsel.
• A $3,900,000 first lien mortgage for the acquisition of an 8-unit property in Bronx, NY. This transaction was arranged by Isaac Weiss.
• A $3,814,332 first lien mortgage for the acquisition of a 10-unit mixed-use property in Jersey City, NJ. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.
• A $2,265,000 first lien mortgage for the refinance of a 6-unit multifamily property in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
• A $2,145,000 first lien mortgage for the refinance of a 8-unit multifamily property in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
• A $2,080,000 first lien mortgage for the acquisition of a 12-unit multifamily property in Newark, NJ. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.
• A $1,438,000 first lien mortgage for the refinance of a multifamily property Brooklyn, NY. This transaction was arranged by Motti Blau, Mendy Pfeifer and Dov Bakon.
• A $1,415,000 first lien mortgage for the refinance of a property in Trenton, NJ. This transaction was arranged by Ben Schwartz.
• A $1,370,000 first lien mortgage for the acquisition of a 20-unit multifamily property in Newark, NJ. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.
• A $1,300,000 first lien mortgage for the refinance of a 6-unit multifamily Brooklyn, NY. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.
• A $1,095,000 first lien mortgage for the acquisition of a 16-unit multifamily property in Newark, NJ. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $28,525,000 for the following properties:
• $10,500,000 for a five-story mixed-use building containing 16 apartments and approx. 2,300 s/f t of commercial space, located in Manhattan. Alan Perlmutter arranged the financing.
• $9,500,000 for a two-story multifamily apartment building containing 62 units, located in Long Beach, Nassau County. Matthew Classi arranged the financing for this transaction.
• $5,250,000 for the redevelopment of an existing 21,700 square foot lot into a 10-story condominium building with 90 residential units and 2 commercial units, located in Woodside, Queens. Matthew Albano arranged the financing.
• $3,275,000 for a six-story multifamily apartment building containing 25 units and approx. 2,050 square feet of ground floor commercial space, located on Walton Avenue in the Bronx. Adam Brostovski arranged the financing.

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Meridian Capital announced the following transactions:
• A new mortgage of $8,000,000 on a multifamily property totaling 54 units located on 50th Street in Brooklyn. The loan features a rate of 3.27% and a five-year term. This transaction was negotiated by Steven Ribiat and Tzvi Krieger.
• A $5,190,000 mortgage on a 39-unit multifamily property located on Lyvere Street in the Bronx. The loan features a rate of 3.37% and a seven-year term. Judah Hammer and David Bollag negotiated this transaction.
• A $5,000,000 mortgage on a multifamily property totaling 122 units located on Fort Hamilton Parkway in Brooklyn. The loan features a rate of 3.38% and a five-year term. This transaction was negotiated by Jacob Schmuckler and Meir Schlusselberg.
• A new mortgage in the amount of $4,860,000 on a 30-unit multifamily property located on Bryant Avenue in the Bronx. The loan features a rate of 3.37% and a seven-year term. Judah Hammer and David Bollag negotiated this transaction.
• A new mortgage of $4,550,000 was placed on a cooperative property totaling 99 units located on Remsen Street in Brooklyn. The loan features a rate of 3.45% and a 10-year term. This transaction was negotiated by Steve Geller and Avi Geller.
• A $3,000,000 mortgage on a 59-unit multifamily property located on East 12th Street in Brooklyn. The loan features a rate of 3.38% and a five-year term. Jacob Schmuckler and Meir Schlusselberg negotiated this transaction.

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