Ariel Property Advisors’ Capital Services Division arranged $17.5 million in financing for 7 transactions. Led by Paul McCormick, senior vice president, and directors Matt Dzbanek and Eli Weisblum, the division arranged financing for 23 properties. they included:
• A $2.9 million cash-out loan for a partially vacant new construction building in Williamsburg. The 5-year, 65% loan-to-value (LTV), non-recourse loan has a fixed-rate of 4.5%. At commitment, the property was only 57 percent occupied, so the loan was structured with a master-lease that allowed the mortgage to close before the client’s construction loan matured.
• $2.9 million loan for a mixed-use SRO in Northern Manhattan. In the cash-out refinance on the 24-unit property, the lender underwrote to a 1.15 DSCR. The ownership had a TIC structure and the property had short-term leases. The loan featured a rate of 4.65% and a 5-year term.
• $1.92 million loan for a multifamily property in Prospect Heights without a CO. The 6-family property that was divided into 8 apartments. The 2-year, interest-only loan received a rate of 4.25% that converts into a longer-term loan once the property is renovated.
• $1.325 million loan for a 3-family in Prospect Lefferts Gardens with a 65% LTV and a rate of 4.625%.
• $5.21 million loan secured on a 10-year term, with a 72.5% loan-to-value (LTV) and 30-year amortization for a retail shopping center in a Michigan.
• $1.8 million bridge loan for a Mount Vernon church to relocate to a property with a bigger house of worship, a school and a rectory. The 60% LTV loan closed in 15 days.
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Emerald Creek Capital announced the following transactions:
• A $21,000,000 bridge loan secured by a M3-1 zoned development site in Red Hook, Brooklyn. Financing was originated by ECC Vice President Dean Wang.
• A $4,900,000 bridge loan to refinance three mixed-use buildings in Sunset Park, NY. Financing was originated by Mike Cleaver.
• A $3,800,000 bridge loan secured by two properties, a 1,737 s/f condominium unit in Battery Park City and a 2,900 s/f townhouse in Tribeca. Financing was originated by Mike Cleaver.
• A $3,000,000 bridge loan in Tribeca. The loan is secured by a five-story mixed-use building situated on a 1,120 s/f corner lot with 5,625 s/f above grade.
• A $3,000,000 refinance in Kips Bay. The loan is secured by three adjacent mixed-use and multi-family properties totaling 12,480 s/f. Financing was originated by ECC Senior Associate Matt Fantuzzi.
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GCP Capital Group arranged mortgage financing of $23,700,000 for the following properties:
• $9,500,000 for a block of 164 residential units within a 75 building, 319 total unit garden apartment complex, located in New Windsor, Orange County. Adam Brostovski, principal, arranged the financing.
• $7,000,000 for a four-story commercial building comprised of 28,500 square feet, located on Queens Boulevard in Sunnyside. Paul Greenbaum, managing member, arranged the financing.
• $4,500,000 for a two-story, 21,500 s/f office building containing 5 commercial tenants, located on Grace Avenue in Great Neck. David Sessa, managing director, arranged the financing for this transaction.
• $2,700,000 for a five-story multifamily apartment building containing 10 units, located in the East Village. Alan Perlmutter, managing member, and Mike Hennessy, associate, arranged the financing.
Meridian Capital announced the following transactions:
• A new mortgage of $26,000,000 on a 132-unit multifamily property on Park Lane Boulevard in Cherry Hill, NJ. The loan features a rate of 4.125% and a five-year term. Shaya Ackerman and Shaya Sonnenschein negotiated this transaction.
• $11,000,000 was placed on a mixed-use property totaling 32 units on Perry Street in New York, NY. The loan features a rate of 4.25% and a seven-year term. This transaction was negotiated by Chaim Tessler and Asher Urbach.
• $6,200,000 on a 20-unit multifamily property located on East 89th Street, NY. The loan features a rate of 4.125% and a five-year term. Chaim Tessler and Asher Urbach negotiated this transaction.
• A new mortgage of $4,000,000 was placed on a multifamily property totaling 16 units located on Judge Street in Brooklyn, NY. The loan features a rate of 4.19% and a seven-year term. This transaction was negotiated by Michael Kesselman and Kerry Brick.
• A new mortgage in the amount of $3,000,000 on a 26,000 s/f office property on West 36th Street in New York. The loan features a rate of 4.25% and a five-year term. Mark Brachfeld and Morris Diamant negotiated this transaction.
• $950,000 was placed on a multifamily property totaling nine units located on Valentine Avenue in the Bronx, NY. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by Aaron Lerman and Ami Levin.
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Eastern Union Funding announced the following transactions:
• A $13,684,690 loan for the construction of a 74-unit townhouse community on Locust St in Lakewood, NJ. This transaction was arranged by Michael Muller.
• A $4,380,000 first lien mortgage for the refinance of a 16-unit mixed-use on Georgia Ave NW in Washington, DC. This transaction was arranged by David Merkin and Marc Tropp.
• A $4,050,000 first lien mortgage for the refinance of a 8-unit multifamily on Harman St in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
• A $4,000,000 first lien mortgage for the acquisition of a 49-bed healthcare facility on Birch St in Paterson, NJ. This transaction was arranged by Nachum Soroka and Phil Krispin.
• A $3,500,000 first lien mortgage for the refinance of a single-tenant industrial property on Atlantic Ave in Brooklyn, NY. This transaction was arranged by David Eisen.
• A $2,160,000 first lien mortgage for the acquisition of a 21-unit multifamily on N Walnut St in East Orange, NJ. This transaction was arranged by David Metzger and Nate Hyman.
• A $1,725,000 first lien mortgage for the refinance of a 6-unit multifamily on Crescent St in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer, Motti Blau and Jay Tyberg.
• A $1,725,000 first lien mortgage for the acquisition of a healthcare facility on S Potomac St in Hagerstown, MD. This transaction was arranged by Marc Tropp and David Merkin.
• A $1,350,000 first lien mortgage for the refinance of a 12-unit multifamily on Ella T Grasso Blvd in New Haven, CT. This transaction was arranged by Yossi Orzel.
• A $1,150,000 first lien mortgage for the acquisition of two multifamily properties totaling 58 units in Syracuse, NY. This transaction was arranged by Yossi Rubin.
