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Debt & Equity

Transactions: Altman Warwick’s $311.5M in mortgage financing, Meridian’s $2.1M for Brooklyn property

Meridian Capital announced the following transactions:

  • A new mortgage of $2,100,000 was placed on a four-story, 21-unit multifamily property located on Ocean Avenue in Brooklyn, NY. The five-year loan features an initial rate of 2.625%. This transaction was negotiated by Scott Assouline and Jacob Nefoussi.
  • Photo by Tracy O/Flickr
    Photo by Tracy O/Flickr

    New mortgages totaling $12,000,000 on two multifamily properties comprised of 146 units located on West 190th Street and Lydig Avenue in the Bronx, NY. The loans feature rates of 3.125% and five-year terms. Charles Grussgott negotiated these transactions.

  • A new mortgage of $11,000,000 on a six-story, 93-unit multifamily property located on Fenimore Street in Brooklyn, NY. The loan features a rate of 3.125% and a five-year term. This transaction was negotiated by Avi Weinstock and Chaim Tessler.
  • A new mortgage in the amount of $5,900,000 on a five-story, 49-unit multifamily property located on Frederick Douglass Boulevard in New York, NY. The loan features a rate of 3.125% and a five-year term. Cary E. Pollack and Steven Cohen negotiated this transaction.
  • A new mortgage of $5,750,000 on a five-unit mixed-use property with 4,760 square feet of retail space located on Great Jones Street in New York, NY. The loan features a rate of 3.05% and a five-year term. This transaction was negotiated by Jacob Schmuckler and Sam Shifer.
  • A new mortgage in the amount of $3,650,000 on a 41-unit multifamily property located on North Walnut Street in East Orange, NJ. The loan features a rate of 3.125% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.
  • ••

Altman Warwick arranged mortgage financing totaling $311,500,000 for the following transactions:

  • $169,000,000 blanket first mortgage secured by 25 shopping centers containing 3.5 million square feet. The centers were located in 15 states along the East Coast. Despite the largely non-credit tenant composition and secondary market locations, Altman Warwick was able to arrange a 10 year loan at 74% LTV with four years interest only at a rate in the low 4%. Robert Altman and Brian Warwick arranged this transaction.
  • $56,000,000 permanent loan secured by a 352-unit class-A apartment building located in Jupiter, Florida. Altman Warwick exclusively represented a New York investor group who acquired the newly completed complex as part of a 1031 exchange. Located in one of the strongest multifamily submarkets in Florida, this 352 unit complex was completed in 2015 and reached stabilized occupancy within 5 months of the seller/merchant builder receiving the C of O. The was placed with a major life insurance company and featured a 10 year fixed rate in the mid 3% with 5 years interest-only. The loan was originated by Robert Altman and placed by Brian Warwick.
  • $44,000,000 permanent loan secured by a 137,984 s/f retail center located in Whitestone, N.Y. The property is anchored by National Amusements, Toys ‘R’ Us, and Party City, all of which are among the top performing stores in their respective chains. In spite of the special purpose nature of the property and the 100% tenant rollover, Altman Warwick arranged the full-leveraged loan without any reserves nor loan structure. The loan was originated by Robert Altman and placed by Brian Warwick.
  • $17,000,000 first mortgage for the 171,596 square foot Franklin Center located in Chambersburg, Pa. The newly renovated and re-positioned “power center” is anchored by Dick’s Sporting Goods, TJ Maxx, Petco, Ollie’s, and the DMV strategically located at the intersection of Lincoln Highway and I-81. Notwithstanding the 72% LTV, the 10 year loan was priced at an exceptionally competitive 171 basis point spread over swaps. The loan was arranged by Robert Altman.
  • $15,000,000 LIBOR-based floating rate loan for a term of ten years secured by a Class-A office complex of 136,000 sf known as Kenton Circle in Charlotte, NY.  The property consists of 3 office buildings totaling 135,757 sf located within the affluent Lake Norman suburb of Charlotte, NC.  Major tenants include Bank of America/Merrill Lynch, Wells Fargo and IMG Worldwide.  The floating rate loan featured an extremely attractive rate of 150 bpd over 30-day LIBOR with no floor.  The loan was arranged by Brian Warwick.
  • $10,500,000 fixed rate loan secured by a 38,000 sf office building located at 775 Co-op City Boulevard, Bronx, NY. The property is home to Municipal Credit Union and The College of new Rochelle who have maintained occupancy at the subject property since the mid 1990’s. Robert Altman arranged the non-recourse, 10 year loan at a 75% LTV with a commercial bank.
  • ••

Eastern Union Funding announced the following transactions:

  • A $7.4 million bridge loan to facilitate ATS Investments Inc.’s $9.8 million acquisition of Suntree Office Tower, a five-story, 82,000 s/f Class A office tower in Melbourne, Fla. Loan consultant Moshe Friedman originated the deal, while managing director David Betesh handled placement and negotiations. The team tapped Eastern Union’s quotes and term sheets (QTS) division to secure the best terms for the client. The loan, which was placed with a large national balance sheet lender, has a term of three years on an interest-only basis.
  • A $14,000,000 first lien mortgage for the refinance of an 81-unit mixed-use on 161st St. in Jamaica, NY. This transaction was arranged by Nate Hyman and David Metzger.
  • A $8,632,000 first lien mortgage for the acquisition of a 208-unit multifamily on Webb Chapel Ext. in Dallas, TX. This transaction was arranged by Nate Hyman and David Metzger.
  • A $7,750,000 first lien mortgage for the refinance of a 24-unit mixed-use on Skillman St. in Brooklyn, NY. This transaction was arranged by Isaac Sternhill.
  • A $7,700,000 first lien mortgage for the refinance of a 113-unit multifamily on Jackson St. in Hempstead, NY. This transaction was arranged by Michael Muller.
  • A $6,800,000 first lien mortgage for the refinance of an 84-unit multifamily on Elk St. in Hempstead, NY. This transaction was arranged by Michael Muller.
  • A $6,314,000 first lien mortgage for the refinance of a 39-unit multifamily portfolio in Essex, MD. This transaction was arranged by Marc Tropp.
  • A $5,900,000 first lien mortgage for the refinance of a 47-unit multifamily on 48th St. in Brooklyn, NY. This transaction was arranged by Jeffrey Seidenfeld.
  • A $5,822,000 first lien mortgage for the refinance of a 20-unit multifamily on Stanhope St. in Brooklyn, NY. This transaction was arranged by Isaac Sternhill.
  • A $3,300,000 first lien mortgage for the refinance of a 20-unit multifamily on 42nd St. in Brooklyn, NY. This transaction was arranged by Michael Muller.
  • A $2,420,000 first lien mortgage for the acquisition of a 22,000-sf retail center on Nathan Dean Bypass in Rockmart, GA. This transaction was arranged by Jonathan Singer and Marc Tropp.
  • A $2,339,000 first lien mortgage for the acquisition of a 26-unit multifamily on E Jersey St. in Elizabeth, NJ. This transaction was arranged by Jonathan Singer,David Metzger and Nate Hyman.
  • A $2,125,098 first lien mortgage for the refinance of a 6-unit multifamily on K St. in SE Washington, DC. This transaction was arranged by Marc Tropp and Shai Romirowsky.
  • A $2,000,000 first lien mortgage for the refinance of a 24-unit multifamily on Clover St. in Lakewood, NJ. This transaction was arranged by Isaac Sternhill.
  • A $1,600,000 first lien mortgage for the acquisition of a 5-unit mixed-use on Malcolm X Blvd. in Brooklyn, NY. This transaction was arranged by David Metzger and Nate Hyman.
  • A $1,575,000 first lien mortgage for the refinance of a 48-unit multifamily on Ludlow St. in Upper Darby, PA. This transaction was arranged by Nikki Levitin,Michael Muller.
  • ••

GCP Capital Group arranged mortgage financing in the aggregate amount of $27,550,000 for the following properties:

  • $10,100,000 combined financing for 2 five-story multifamily mixed-use buildings containing a total of 27 apartments and 2,200 square feet of commercial space, located in the East Village and Lenox Hill neighborhoods of Manhattan, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for these transactions.
  • $7,550,000 for a five-story multifamily apartment building containing 49 apartments, located on Thayer Street in Manhattan, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
  • $4,100,000 for a six-story multifamily apartment building containing 37 apartments, located on Audubon Avenue in Manhattan, New York. Adam Brostovski arranged the financing for this transaction.
  • $4,000,000 acquisition loan for a to-be-built mixed-use rental property, located on Broadway in Brooklyn, New York. Matthew Albano, Senior Broker of GCP Capital Group, arranged the financing for this transaction.
  • $1,800,000 for a five-story multifamily apartment building containing 11 apartments, located on Pinehurst Avenue in Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
  • ••

Paradigm Commercial Real Estate LLC announced the closing of 5 loans totaling $30,000,000, secured by 20, mom-and-pop retail centers, located throughout the Bronx and Westchester. The properties, many of which are occupied by small, single tenants, including an on-site dry cleaners, are owned by a Connecticut-based family, which owns close to 150 such properties. This loan package, combined with prior loans secured by properties of similar nature, that Paradigm has closed for the same borrower a few months prior to this writing, totals just under $80,000,000 in loan closings for this borrower. These loans, which were provided by a regional bank, and are all fully non-recourse, featured PAR pricing, on a 30 year amortization schedule.

  • ••

Time Equities Inc. (TEI) announced the closing of 14 loans totaling $155,500,000. Stuart Bruck, Director of Mortgage Brokerage/Funding at TEI, led the company in the following transactions:

  • A refinance for a building on Lafayette Street recently closed for a long-term client for $14,000,000. The building has benefitted from many recent capital improvements. This penthouse building has one of the New York City’s premiere luxury living spaces located in the heart of an internationally renowned neighborhood. The 12-year loan term offers a 3.625% interest rate.
  • A construction loan has been closed in the amount of $15,000,000 for a long-term client. The funds will be used for the ground-up construction of a three-story building with 36 luxury residential apartments located on Sixth Avenue in the heart of Greenwood Heights in Brooklyn, NY. The term of this loan was for three years.
  • A $16,000,000 first mortgage loan was closed to re-capitalize the borrower. The loan is secured by a 13-story first-class office building known as the Travelers Tower II. It offers 339,009 square feet of rentable space and is situated on 21 acres of land in Southeast Michigan. Its sister tower Tower I (18 stories) was the first high-rise complex in Southfield Michigan and is viewed by tenants as one of the top office properties in the market in terms of appeal, prestige and quality. Both Towers I and II are owned by the same borrower. The term of the loan is 10 years with a rate of 4.62%.
  • A first mortgage loan was closed in the amount of $22,500,000 for the 164, 235-square-foot Premium Outlet Center in Troutdale, Oregon, located approximately16 miles outside of Portland. The property sits on 14 acres of land, comprising 44 units of retail space and 836 parking spaces. Highly recognized national and credit tenants provide a majority of the property’s income. This outlet center has enjoyed an average occupancy level in excess of 90% over the past decade. The 10-year loan offers a swap rate floor – higher of 2.15% or 10-year treasury.
  • A $7,000,000 loan closed for a 16-story multi-family apartment building for a long-time client. The elevated 138, 240-square-foot apartment building is located in a diverse and dynamic neighborhood in Jamaica, Queens on Hillside Avenue. Individual apartments have been recently renovated and the property is now 98.7% occupied. The interest rate was set for 3.59% for seven years.
  • A $38,000,000 loan closed for a three-story office building consisting of 236,512 square feet located in Toronto, Ontario. Originally a lightbulb factory, the property was converted into a high-end office space. It is composed of loft-style units, offers various amenities and is 98% occupied. The property also has 125 surface parking spaces which can be rented on a monthly basis. The five-year loan term has an interest rate of 3.15%.
  • A loan closed in the amount of $11,000,000 for two Class A buildings known as the Northbrook Corporate Center in a suburb of Philadelphia, PA. The two buildings contain a total of 160,639 square feet and are collectively 78.55% leased. The loan offers an interest rate of 4.45% for seven years.
  • A $600,000 loan has been closed for a four-story mixed-use multifamily property located in the Bedford Stuyvesant neighborhood of Brooklyn, NY. The proceeds will be used to recoup recent renovations made to the premises and for continued capital improvements. The loan was structured with a term of 12 years and an interest rate of 4.125%.
  • A first mortgage loan of $6,000,000 was closed for a retail strip center known as the Central Crossing Business Park, Building II East in Bordentown, NJ. The 2007 structure is 120,082 square feet and is divisible into 10,000-square-foot blocks of space. The land for the Business Park was purchased over a decade ago and is now a multi-phased construction of approximately 1,900,000 square feet of flex/distribution space. The newly constructed building is 100% leased. The 10-year loan offers a rate of 4.83%.
  • A $7,800,000 loan closed for a rental apartment community known as the Connemara Estates in San Antonio, TX. Each of the 40 buildings is composed of four residential apartments. The community offers a wide array of amenities and is 99% occupied. It comprises of 207,782 rentable square feet and sits on 7.5-acre of land. The term of the loan is five years with an interest rate of 3.5%.
  • A $4,000,000 first mortgage loan closed for a two-story, 115,639-square foot office/flex space building known as the Arlingate Plaza in Columbus, OH. It is located in an office park setting and is surrounded by 469 parking spaces. The property is currently occupied by a diverse collection of tenants with all existing leases being long-term.
  • An acquisition loan was closed for $4,950,000 for a 12-story mixed-use tower featuring 57 apartments and retail spaces in Richmond, VA. In addition, the borrower will build-out an addition 7,000 square feet of residential space and plans to convert the office suites into residential units. Named American Heritage, the tower is known as the first skyscraper to be constructed in Richmond VA, situated in the heart of the city’s downtown. The 12-year loan term has an interest rate of 3.625%.
  • A $5,500,000 first mortgage loan closed for an 82,414-square-foot business park in Gaithersburg, MD. The property constitutes a portfolio of three separate concrete and brick structures on a 4.02-acre site. The current tenant mix includes retail, office and industrial spaces. There are also 187 surface parking spaces distributed between the three buildings. An interest rate swap loan has a term of seven years.
  • A $3,150,000 first mortgage closed for a retail plaza in Warrington, PA. The well-appointed 23,299-square-foot shopping center was completed in 2008 and also includes a pad site that can accommodate a 3,000-4,000-square-foot tenant. The plaza is currently anchored by one of the world’s largest franchises. The loan was structured with a fixed interest rate of 3.5% for five years with extension options.
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