Meridian Capital announced the following transactions:
• A new mortgage of $3,100,000 was placed on a four-story, 39-unit multifamily property located on Steinway Street in Astoria, NY. The loan features a rate of 2.88% and a five-year term. This transaction was negotiated by Morris Diamant and Mordechai Beren.
• A new mortgage in the amount of $12,000,000 on a 12-story, 30-unit office building on West 38th Street in New York, NY. The loan features a rate of 3.38% and a five-year term. Allan Lieberman and Asher Haft negotiated this transaction.
• A new mortgage of $7,850,000 was placed on a five-story, eight-unit multifamily property on Chambers Street in New York, NY. The loan features a rate of 3.63% and a seven-year term. This transaction was negotiated by Cary E. Pollack and Charles Grussgott.
• A new mortgage in the amount of $6,850,000 on a six-story, 15-unit mixed-use property on Stanton Street in New York, NY. The loan features a rate of 3.00% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.
• A new mortgage of $2,925,000 was placed on a five-story, five-unit multifamily property located on West 22nd Street in New York, NY. The loan features a rate of 3.25% and a five-year term. This transaction was negotiated by Zev Feder.
• A new mortgage in the amount of $1,000,000 on a four-story, 37-unit multifamily property located on Clarkson Avenue in Brooklyn, NY. The loan features a rate of 3.50% and a 15-year term. Chaim Tessler and Elliott Liebhard negotiated this transaction
Janet Proscia and David Turley of Cronheim Mortgage arranged a five-year fixed rate loan totaling $4.75 million for a 57,600 s/f office/flex/distribution property in Oaks, PA. The debt was sourced from a regional bank, which funded a 65% LTV loan on a non-recourse basis. The single-story building constructed in 2006 is 100% leased to two tenants and is “best in class” in the market.
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Houlihan-Parnes Realtors, LLC, announced the refinancing of a $1,629,000 first mortgage on the 10,250 s/f, one-story retail building located at 426-438 Mamaroneck Avenue in Mamaroneck, Westchester County, New York. The 5-year, non-recourse loan has a fixed rate of 3.75% with a 30-year amortization schedule. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP.
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GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $45,800,000 for the following properties:
• $20,500,000 for a three-story apartment building containing 50 apartments, located in Roslyn, Nassau County, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $11,500,000 for three contiguous five-story apartment buildings containing a total of 98 apartments and 2 commercial units, located on the East Side of Manhattan, New York. Stephen Katz, Senior Associate of GCP Capital Group, arranged the financing for this property.
• $6,500,000 for a shopping plaza comprised of approximately 30,000 square feet, located in Poughkeepsie, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this property.
• $5,300,000 for a six-story apartment building containing 70 apartments, located on Lefferts Avenue in Brooklyn, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this property.
• A $2,000,000 second mortgage for a seven story apartment building containing 25 apartments and 1 commercial unit, located on Eagle Street in Brooklyn, New York. Matthew Albano, Senior Broker of GCP Capital Group, arranged the financing for this transaction.
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Eastern Union Funding announced the following transactions:
• A $7,000,000 first lien mortgage for the acquisition of a 12-unit retail plaza in Whiting, NJ. This transaction was negotiated by Mark Perlowitz and Martin Zelcer.
• A $6,862,500 first lien mortgage for the refinance of a 60-unit multifamily property on Brighton 7th Street in Brooklyn, NY. This transaction was negotiated by Eli Breiner and Michael Muller.
• A $4,875,000 first lien mortgage for the acquisition of a 42-unit multifamily property on Oceanview Avenue in Brooklyn, NY. This transaction was negotiated by Jack Beida and Michael Muller.
• A $4,300,000 first lien mortgage for the refinance of a 23-unit multifamily property in Bronx, NY. This transaction was negotiated by Michael Muller.
• A $3,500,000 first lien mortgage for the acquisition of a 40-unit multifamily in Jersey City, NJ. This transaction was negotiated by Eli Breiner.
• A $4.97 million refinance for Green Tree Gardens, an apartment complex located at 330 West Johnson Street, a short commute from Center City in Philadelphia, PA. Financing for the purchase was arranged by Meir Kessner through Investors Bank.This transaction is a seven year loan locked in at a 3.5 percent interest rate.
