Meridian Capital announced the following transactions:
• New mortgages totaling $2,410,000 on two multifamily properties totaling 18 units located on Caroline Avenue and Radford Street in Yonkers, NY. The loans feature rates of 3.00% and five-year terms. These transactions were negotiated by Judah Hammer and Sam Schonfeld.
• A new mortgage in the amount of $16,000,000 on a six-story, 135-unit multifamily property located on East 18th Street in Brooklyn, NY. The loan features a rate of 3.40% and interest-only payments for the full seven-year term. Avi Weinstock and Michael Farkovits negotiated this transaction.
• New mortgages totaling $10,400,000 were placed on two mixed-use properties composed of nine units and 4,400 s/f of retail space located on East 33rd Street and Trinity Place in New York, NY. The loans feature rates of 3.38% with seven-year terms. These transactions were negotiated by Jeffrey J. Weinberg and Moshe Majeski.
• A new mortgage in the amount of $9,000,000 on a five-story, 19,500 s/f retail property located on Brighton Beach Avenue in Brooklyn, NY. The loan features a rate of 3.33% and a five-year term. Cary E. Pollack and Steven Cohen negotiated this transaction.
• New mortgages totaling $8,000,000 were placed on three multifamily properties totaling 124 units located on 37th Avenue in Flushing, NY. The loans feature rates of 3.38% and seven-year terms. These transactions were negotiated by Joseph Taub and Daniel Blumenthal.
• A new mortgage in the amount of $2,500,000 on a six-story mixed-use property with 25,750 square feet of commercial space located on Broome Street in New York, NY. The loan features a rate of 3.25% and a five-year term. Charles Grussgott and Michael Helmreich negotiated this transaction.
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Hybrid Capital arranged $6.5 million in bridge financing for a Class-A mixed use office property in Los Angeles, California. Bobby Bakhchi, CEO, said Hybrid identified a local LA lender that was able to provide three-year, non-recourse bridge financing with a variable rate of 3% at the time closing.
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Arbor Commercial Mortgage announced the funding of 13 loans totaling $180,653,600 across Texas, Missouri, South Carolina, North Carolina, Virginia and Washington under the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, FHA Multifamily, CMBS and Arbor Realty Trust Mezzanine and Bridge product lines.
All of the loans were originated by Brian Scharf, vice president in Arbor’s Uniondale, NY, office. The loans included:
• Lakepointe at Las Colinas, Irving, TX – TThe 10-year refinance loan amortizes on a 30-year schedule.
• Gateway at Plano, Plano, TX – The 10-year refinance loan amortizes on a 30-year schedule.
• Multifamily Property, Richardson, TX – This 88-unit multifamily property received $6,150,000 funded under the Arbor Realty Trust Bridge Loan product line. It is a three-year acquisition loan.
• Wyndham on the Creek Apartments, Dallas, TX – This 151-unit multifamily property received $5,120,000 funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property offers a swimming pool and clubhouse.
• Las Palmas I Apartments, Houston, TX– This 182-unit multifamily property received $4,800,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
• The Oaks, Balch Springs, TX – This 147-unit multifamily property received $4,642,200 funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property offers a swimming pool, a laundry facility, a playground and a picnic area.
• Multifamily Property, Carrollton, TX – This 304-unit multifamily property received $4,200,000 funded under the Arbor Realty Trust Mezzanine Loan product line. It is a three-year acquisition loan.
• Westwind Apartments, Fort Worth, TX – This 140-unit multifamily property received $4,100,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property amenities include a business center, an in-ground swimming pool and a central laundry facility.
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Brick Realty Capital LLC, through an affiliate entity, announced the financing of a first mortgage on a 56-unit Bronx Apartment building. Brick, through an affiliate entity, originated the $2,500,000 first mortgage. The collateral, located in the North Bronx, consists of a six story elevator building with 56 apartments. The interest only mortgage is for a two year term.
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Emerald Creek Capital announced a $1,250,000 bridge loan secured by a 71,000 s/f mixed use building in East Stroudsburg, PA. The subject property is comprised of 55,000 s/f of office space and 16,000 s/f of warehouse space. The developer utilized capital to acquire the property at an attractive basis. The loan was originated by Mike Cleaver.
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GCP Capital Group has arranged mortgage financing in the aggregate amount of $29,725,000 for the following properties:
• $25,000,000 in combined financing for a total of 12 two-story garden apartment buildings containing a total of 210 apartments, located on Atlantic Avenue in Brooklyn, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $2,100,000 for a six-story apartment building containing 25 apartments, located on Andrews Avenue in the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction. • $1,400,000 for a mixed-use property containing 2 commercial tenants, 2 apartments and 14 SRO units, located in Hicksville, Nassau County, New York. David Sessa, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
• $1,225,000 for a single-story commercial building comprised of 8,600 square feet, located in Great Neck, Nassau County, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
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Eastern Union Funding announced the following transactions:
• A 3,375,000 first lien mortgage for the acquisition of a 44-unit multifamily on 2nd street in Jersey City, NJ. This transaction was negotiated by Isaac Sternhill
• A $2,480,000 first lien mortgage for the refinance of mixed use, consisting of nine residential and two commercial units, on Centre Street in Elizabeth, NJ. This transaction was negotiated by Dov Zabrowsky
• A $4,750,000 first lien mortgage to refinance a 62-bed Hotel on North Ocean Drive in Hollywood, FL. This transaction was negotiated by Mark Perlowitz
• A $5,250,000 first lien mortgage to refinance an 11-unit retail property on 34th Avenue in Long Island City, NY. This transaction was negotiated by Meir Kessner and Mark Perlowitz
• A $3,600,000 first lien mortgage for the refinance of a 25-unint mixed use on Chestnut Street in Philadelphia, PA. This transaction was negotiated by Eli Breiner
• A $3,500,000 first lien mortgage for the refinance of a 15-unit multifamily on West 9th Street in Chester, PA. This transaction was negotiated by Zevi Schwartz and Eli Breiner
• A $2,210,000 first lien mortgage for the acquisition of a 20-unit condo building on Elizabeth Avenue in Elizabeth, NJ. This transaction was negotiated by Dov Zabrowsky.
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Jim Houlihan and Mike O’Neill of Houlihan-Parnes Realtors, LLC and Q10 New York Realty Advisors, LLC announced the placement of $7,800,000 in first mortgage financing with a regional commercial bank on the Center Seven Shopping Center located at 607 Main Avenue in Norwalk, Connecticut. The 10-year, non-recourse loan was structured to allow for voluntary partial prepayments throughout the term. The 38,261 s/f retail center with second floor office space is located on the Route 7 corridor of Norwalk. Having recently undergone extensive renovations, it has 14 ground-level tenants that include Citibank, Starbucks, and a new Doctor’s Express facility. Murray & Gaunt Partners is the principal owning entity and has managed and owned the Center for over 10 years.
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W Financial Fund, a Manhattan-based direct lender has provided the following bridge loans:
• A $5,000,000 bridge loan collateralized by several commercial properties located on Roosevelt Avenue in Corona, Queens, as well as two properties on Merrick Boulevard in Jamaica, Queens totaling nearly 190,000 s/f. The Roosevelt Avenue property consists of a large, owner-occupied industrial building as well as a one-story commercial building leased to two separate tenants. The borrower needed the bridge loan in order to provide working capital for a business opportunity, which required them to move quickly. The borrower plans to refinance the W Financial loan with financing from a local bank.
• A $1,685,000 bridge loan to refinance three multi-family properties totaling 11,782 square feet located on Troutman Street and Willoughby Avenue in the Bedford-Stuyvesant neighborhood of Brooklyn, NY. The loan is secured by a first mortgage on the two Troutman properties and a second mortgage on the Willoughby property. In total, the three properties contain 15 apartments. The borrower utilized the proceeds of the W Financial loan to provide working capital for another opportunity.
• An $825,000 bridge loan utilized to acquire a two-story single-family residence located on East 21st Street in the Flatbush/Ditmas Park neighborhood of Brooklyn. The lot size is 4,000 square feet and the site has a FAR (floor area ratio) of 4, which allows for a potential total of 16,000 buildable square feet. The borrower plans to demolish the existing building and construct a multi-family building. The borrowers required the bridge loan in order to close quickly on the property. Once the borrowers finalize their plans and approvals, they plan to seek a conventional construction loan.
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Pergolis Swartz Associates Inc. announced the following transactions:
• Richard Pergolis and Michael Volpe closed a permanent mortgage in the amount of $4,200,000 for a single story, free standing CVS in Warminster, PA.
• Charles Yellen closed a co-op loan in the amount of $4,000,000 for a residential co-op building on Park Avenue in Manhattan.
• Barry Swartz obtained a permanent mortgage in the amount of $4,250,000 for a six story walk-up apartment building containing 17 units on East 8th Street in Manhattan.
