Meridian Capital announced the following transactions:
• A new mortgage of $3,125,000 was placed on a four-story, 18-unit multifamily property located on Malcolm X Boulevard in Brooklyn, NY. The loan features a rate of 2.82% and a three-year term. The loan was negotiated by Isaac Filler and Michael Helmreich.
• New mortgages totaling $10,375,000 on four multifamily properties composed of 126 units located on Grand Avenue in the Bronx, NY. The loans feature rates of 3.38% and five year terms. Drew Anderman and David Bollag negotiated these transactions.
• A new mortgage of $9,200,000 was placed on a five-story, 18-unit multifamily property located on West 17th Street in New York, NY. The loan features a rate of 3.75% and a seven-year term. This transaction was negotiated by Zev Feder.
• A new mortgage in the amount of $2,150,000 on a two-story, 22-unit multifamily property located on East 196th Street in the Bronx, NY. The loan features a rate of 3.13% and a five-year term. Morris Diamant and Ben Piller negotiated this transaction.
• A new mortgage of $1,700,000 was placed on a four-story, 13-unit multifamily property located on 31st Avenue in Astoria, NY. The loan features a rate of 3.68% and a seven-year term. This transaction was negotiated by Brian Flax and Bryan Geffen.
• A new mortgage in the amount of $1,500,000 on a six-story, 48-unit cooperative property located on 4th Avenue in Brooklyn, NY. The loan features a rate of 3.75% and a 10-year term. Michael Farkovits negotiated this transaction.
•••
GCP Capital Group has arranged mortgage financing for the following properties:
• $46,000,000 combined financing for four (4) 16-story high-rise apartment buildings containing a total of 752 units and 6 commercial spaces, located in Paterson, New Jersey. Adam Brostovski, Principal of GCP Capital Group, arranged the financing.
• $13,900,000 for a portfolio of 4 multifamily apartment buildings containing a total of 112 units, located throughout Brooklyn, New York. Michael Charnowitz, Senior Associate of GCP Capital Group, arranged the financing for this portfolio.
• $12,944,000 for a portfolio of 6 multifamily apartment buildings containing a total of 107 units, located in the University Heights section of the Bronx, New York. Adam Brostovski, Principal, arranged the financing for this portfolio.
• $11,000,000 for a six-story apartment building containing 35 apartments and 1 retail unit, located on West 15th Street in Manhattan, New York. Matthew Albano, Senior Broker, arranged the financing.
• $8,500,000 for a six-story apartment building containing 27 apartments and 2 retail units, located in Downtown Manhattan, New York. Paul Greenbaum, Managing Member, arranged the financing for this transaction.
• A $36,000,000 construction loan for the development of a 128,000 gross square foot tower consisting of 110 rental units, located in Long Island City, New York. Matthew Albano arranged the financing for this transaction.
• $21,900,000 for a portfolio of 12 garden-style multifamily apartment buildings containing a total of 209 units, located throughout Suffolk County, Long Island, New York. Matthew Classi, Managing Member, arranged the financing.
• $13,250,000 for a six-story apartment building containing 90 units, located on Orloff Avenue in the Bronx, New York. Paul Greenbaum arranged the financing.
• $4,900,000 for a six-story apartment building containing 31 units, located at West 161st Street in Manhattan, New York. Adam Brostovski arranged the financing for this transaction.
• $3,700,000 for a ground floor commercial condominium unit comprised of 3,600 square feet, located in the Greenwich Village section of Manhattan, New York. Alan Perlmutter, Managing Member, arranged the financing for this transaction.
•••
Berkadia announced the financing of Mount Vernon Apartments, a multifamily property at 1120 Hartford Turnpike in Vernon, Connecticut. Senior Managing Director Stewart Campbell worked to secure the seven-year, fixed-rate refinancing loan for the borrower, Chapman Acres, LLC. The $10.55 million loan, which also features a 30-year amortization schedule, was originated through Berkadia’s relationship with Freddie Mac.
•••
Eastern Union Funding announced the following transactions:
• A $5,950,000 first lien mortgage for the refinance of multifamily on Madison Street in Brooklyn, NY. This transaction was arranged by David Eisen.
• A $3,500,000 first lien mortgage for the refinance of a 48 unit mixed-use on Grand Concourse in Bronx, NY. This transaction was arranged by Michael Muller.
• A $3,500,000 first lien mortgage for the refinance of a 49 unit multifamily on Olinville Ave. in Bronx, NY. This transaction was arranged by Michael Muller.
• A $2,308,000 first lien mortgage for the acquisition of a 84 unit multifamily on W 28th St, in Plainview, TX. This transaction was arranged by Michael Muller and Ira Zlotowitz.
• A $2,000,000 first lien mortgage for the refinance of a parking garage on 1st Ave. in New York, NY. This transaction was arranged by Phil Krispin.
• A $1,460,000 first lien mortgage for the acquisition of a 26 unit multifamily on Woodworth Ave. in Yonkers, NY. This transaction was arranged by Jeffrey Seidenfeld.
• A $925,000 first lien mortgage for the refinance of a 21 unit mixed-use on Broadway in Newburgh, NY. This transaction was arranged by Ira Zlotowitz.
•••
Love Funding announced the closing of a $5.07 million loan for the refinancing of Clays Pointe Duplexes, a market-rate community in Elizabethtown, Kentucky. The financing was secured by senior director Tammy Tate through the U.S. Department of Housing and Urban Development’s 223(a)(7) refinance loan insurance program. Tate was also responsible for helping the borrower, DuPlessis Clays Pointe Property LLC, refinance the property through HUD back in 2011 as part of an effort to help the borrower acquire the rest of the property it did not already own. The current refinancing, which locks in a lower interest rate for a 35-year term, will generate enough debt service savings to ensure the project’s viability while providing additional funds for ongoing capital needs.
•••
W Financial announced the following deals closed by David Heiden and Jarret Schochet:
• A $6.05 million acquisition loan on a two-story, 4,900 s/f industrial building on West 14th Street in the Flatiron neighborhood. The site has 15,000 s/f of development potential and allows for both commercial and residential uses. The borrower plans to repay the W Financial loan with a construction loan once the project is approved by the NYC Department of Buildings.
• A $4.5 million acquisition loan for a 5,855 s/f, five-story elevator building on East 81st Street on Manhattan’s Upper East Side, which is currently being utilized as a bed and breakfast. This is the second in a series of two loans; the first was secured by the adjacent property. The borrower plans to utilize the combined allowable development rights for the construction of one large building.
• A $3.25 million acquisition loan for a 5,000 s/f one-story, commercial property as well as 7,000 s/f three-story, mixed-use building, on Freeman Street in Greenpoint, Brooklyn. Together the properties offer 25,000 s/f of development potential. The borrower plans to develop the properties and will repay the W Financial loan with a construction loan once the plans have been fully approved.
• A $2.8 million bridge loan for the acquisition of a 5,200 s/f, four-story, mixed-use building on South 4th Street in Williamsburg, Brooklyn. The loan proceeds were utilized to fund a portion of the purchase price and to establish a renovation reserve. The borrower plans to repay the W Financial loan with a conventional bank loan once the construction is completed and the units are leased.
• A $1.55 million loan collateralized by a nearly complete, five-unit, five-story, 3,640 s/f, multi-family building on St John’s Place in Crown Heights, Brooklyn. The developer utilized W’s loan to repay a maturing mortgage. The borrower has a commitment from a conventional lender that was unable to close before the existing loan matured. The borrower plans to repay the W Financial loan shortly after closing.
• A $1.225 million acquisition loan on a vacant commercial condominium unit consisting of 2,031 gross leasable square feet as well as two parking spaces. The property is located on 43rd Street in Manhattan’s Hell’s Kitchen. The borrower needed the bridge loan to close quickly on the property and plans to refinance with a bank to repay the W Financial loan once the property is fully leased.
