Real Estate Weekly
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Debt & Equity

TRANSACTIONS: $12M Brooklyn deal tops this week’s middle market loans

GCP Capital Group has arranged mortgage financing in the aggregate amount of $17,905,000 for the following properties:
• $6,160,000 for a five-story multifamily apartment building containing 53 units, located on Morris Avenue in the Bronx, New York. Adam Brostovski, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $5,600,000 for a two building garden-style complex containing a total of 40 units, located in Spring Valley, New York. Paul Greenbaum, Managing Member, arranged the financing.
• $4,875,000 for a six-story mixed-use building containing 20 apartments and approximately 3,000 square feet of commercial space, located in the Lower East Side of Manhattan. Alan Perlmutter, Managing Member, arranged the financing for this transaction.
• $1,270,000 for a single tenant, 3,053 square foot commercial retail property occupied by 7-11, located in Maryland. Matthew Classi, Managing Member, arranged the financing for this transaction.

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Eastern Union Funding announced the following transactions:
• A $12,400,000 first lien mortgage for the refinancing of a 96-unit multifamily property in Brooklyn, NY. This transaction was arranged by Jack Beida and Michael Muller.
• A $1,368,000 first lien mortgage for the refinancing of a 10-unit multifamily property West New York,NJ. This transaction was arranged by Michael Muller.

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Greystone provided an $8.6 million HUD-insured construction loan for the expansion of Bristol Village, an assisted living facility located in Clarence Center, New York. The transaction was originated by Lisa M. Fischman, vice president in Greystone’s New York office, on behalf of Bristol Village. The fixed, low interest rate HUD-insured 241(a) construction loan converts to permanent financing when the expansion project is completed, and will run concurrent with the property’s existing HUD-insured loan, which Greystone originated in 2011. Proceeds from this loan will be used to add 32 assisted living beds, a total addition of 23,000 s/f, including the expansion of the property’s existing community spaces.

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GuardHill Financial announced the following transactions:
• A new construction loan in the amount of $5,000,000 on a second home in Florida. The borrower received 50% financing.
• A new technical refinance mortgage in the amount of $4,800,000 on a second home in California with title held in an irrevocable trust.
• A new refinance mortgage in the amount of $3,000,000 on a co-op unit in New York. The borrower qualified for 45% financing on an asset-based loan. No tax returns were required.
• A new rate and term refinance mortgage in the amount of $3,000,000 for a borrower living abroad. The borrower lowered the interest rate by 0.875% and the down payments by over $2,200/month.

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