Meridian Capital announced the following transactions:
• A new mortgage of $7,000,000 on a retail property located on Broome Street in New York, NY. The loan features a rate of 3.875% and a five-year term. Morris Betesh and Alex Bailkin negotiated this transaction.
• Two new mortgages of $6,750,000 were placed on two multifamily properties totaling 42 units located on Hilton Avenue and Fulton Avenue in Hempstead, NY. The loans feature rates of 3.625% and seven-year terms. These transactions were negotiated by Ami Levin.
• A new mortgage in the amount of $3,000,000 on a 31-unit condominium property located on Beach 9th Street in Far Rockaway, NY. The loan features a rate of 3.75% and a seven-year term. Steve Edelstein negotiated this transaction.
• A new mortgage of $2,900,000 on a 48-unit multifamily property located on Herzl Street in Brooklyn, NY. The loan features a rate of 4.11% and a seven-year term. This transaction was negotiated by Jacob Rochlitz and Morris Diamant.
• A new mortgage in the amount of $2,850,000 on a 21-unit multifamily property located on Grand Concourse in the Bronx, NY. The loan features a rate of 3.875% and a seven-year term. Zev Feder and Adam Enrenreich negotiated this transaction.
• A new mortgage of $1,600,000 was placed on an eight-unit multifamily property located on Jackson Avenue in Long Island City, NY. The loan features a rate of 3.39% and a five-year term. This transaction was negotiated by Bryan Geffen and Brian Flax.
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Ariel Property Advisors’ Capital Services Division arranged a $6.5 million loan for four properties located in Bedford-Stuyvesant. A 5-year, 75% loan-to-value (LTV) cash-out refinance loan at a fixed rate of 4% allowed the borrower to pay off four existing loans and get additional capital for future investments. Paul McCormick and Matt Dzbanek arranged the funding. The Bed-Stuy building quartet includes 22 residential and 6 commercial units.
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GCP Capital Group has arranged mortgage financing in the aggregate amount of $29,106,000 for the following properties:
• $13,780,000 for a six-story multifamily apartment building containing 216 units, located on Jackson Street in Hempstead. Adam Brostovski, principal, arranged the financing for this transaction.
• $6,100,000 combined financing for a package of 5 multifamily apartment buildings containing a total of 95 units and 3,100 square feet of retail space, located in the Newark and Irvington sections of New Jersey. Paul Greenbaum, managing member, arranged the financing.
• $4,500,000 for a to-be-developed four-story mixed-use building to contain 4 apartments and 7,500 square feet of commercial space, located on North 10th Street in Brooklyn. Matthew Albano, managing director, arranged the financing.
• $2,500,000 for a one-story retail strip center comprised of 11,000 square feet, located in Centereach, Suffolk County, New York. George Spanos, senior associate, arranged the financing for this transaction.
• $2,226,000 for a one-story retail strip center comprised of 13,200 square feet, located in Philadelphia, Pennsylvania. Michael Charnowitz, senior associate, arranged the financing for this transaction.
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Eastern Union Funding announced the following transactions:
• A $33,400,000 first lien mortgage for the acquisition of a 121-unit healthcare facility on Virginia Loop Rd in Montgomery, AL. This transaction was arranged by Phil Krispin and Nachum Soroka.
• A $10,189,504 first lien mortgage for the acquisition of a industrial on Radcliffe St in Bristol, PA. This transaction was arranged by Mendy Pfeifer and Motti Blau.
• A $7,925,000 first lien mortgage for the acquisition of a 438-unit multifamily on Glen Owen Dr in Saint Louis, MO. This transaction was arranged by David Metzger and Nate Hyman.
• A $4,000,000 first lien mortgage for the refinance of a 17-unit retail on W Plaza Dr in Mooresville, NC. This transaction was arranged by David Merkin and Marc Tropp.
• A $3,750,000 first lien mortgage for the refinance of a 10-unit multifamily on Pacific St in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
• A $1,520,000 first lien mortgage for the refinance of an 8-unit multifamily on 14th St in Brooklyn, NY. This transaction was arranged by Abe Kolman.
• A $1,450,000 first lien mortgage for the refinance of a 12-unit multifamily on Troy Ave in Brooklyn, NY. This transaction was arranged by Efraim Perlowitz and Isaac Weiss.
• A $1,151,081 first lien mortgage for the acquisition of a 6-unit multifamily on Wayne Pl SE in Washington, DC. This transaction was arranged by Marc Tropp.
• A $1,150,000 first lien mortgage for the refinance of a 2-unit multifamily on Connecticut Ave in Long Beach, NY. This transaction was arranged by Marc Tropp and Ben Alpert.
• A $1,110,000 first lien mortgage for the refinance of a 12-unit multifamily on Pierson St in Orange, NJ. This transaction was arranged by David Singer.
• A $1,045,000 first lien mortgage for the acquisition of a 5-unit multifamily on E 218th St in Bronx, NY. This transaction was arranged by Ira Zlotowitz and Adelle Ross.
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Love Funding closed a $5.95 million loan for the refinance and rehabilitation of Central Towers Apartments, an affordable senior community in southwest Detroit, Michigan. Central Towers consists of 232 one-bedroom and two-bedroom apartments in two high-rise buildings. All but two of the units are currently covered by a Section 8 housing assistance payment (HAP) to help subsidize rents, and the borrower renewed their Section 8 contract as part of the transaction. The two remaining units are low-income housing tax credits (LIHTC) restricted at 60 percent AMI. David Strachan and Bruce Gerhart secured the loans through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Financing proceeds will be used to pay off current debt, complete repairs and fund the reserve account.
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Zeev Douek of Q10 New York Realty Advisors arranged a $1,200,000 Non-Recourse permanent loan on a 3,300 s/f single tenant retail building located in Nassau County in close proximity to the Broadway Mall. The loan was placed with a NY-based bank and was a cash-out refinance at a 4.5% fixed interest rate.
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W Financial announced the following transactions:
• A $50,250,000 first mortgage bridge loan secured by a recently completed, 109-unit, rental property with a 60-car parking garage located in Harlem. The borrower required a bridge loan to repay a maturing construction loan. W’s bridge loan will allow the borrower to transition through the lease-up process. Once the property has been fully leased and stabilized, the borrower plans to refinance the loan with conventional, long-term, fixed-rate bank financing.
• A $9,750,000 first mortgage bridge loan to facilitate the acquisition of a 200,000 s/f community shopping center in a suburb outside of Richmond, VA. The collateral consists of 17 commercial units. The borrower was the successful bidder in an auction, and required the loan to close quickly and perform some tenant improvements.
• A $14,750,000 first mortgage bridge loan secured by two 5,000 s/f luxury condo units on Beach Street in TriBeCa. The borrower owned the properties free and clear and sought to tap into his trapped equity to create the liquidity he needed to fund another real estate investment.
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Holliday Fenoglio Fowler (HFF) announced $7.645 million acquisition financing for a three-building industrial portfolio totaling 193,379 s/f in Logan Township, New Jersey. The team worked on behalf of Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, to arrange the first mortgage financing. The portfolio comprises the 103,241 s/f 1 Killdeer Court building, the 46,888 s/f 614 Heron Drive building and the 43,251 s/f603 Heron Drive building. All three light industrial facilities were completed between 1975 and 1977 and have between 13.4 and 21 ft. clear heights along with a total of 44 dock doors, eight drive-in doors and an average office finish of 20 percent. All properties are located in Gloucester County just off Interstate 295 and Exit 2 off the New Jersey Turnpike, which connects the property to Philadelphia and New York as well the rest of New Jersey. The debt team representing the sponsor included Michael Pagniucci and Doug Rodio.
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