Meridian Capital announced the following transactions:
• A new mortgage of $7,900,000 on a five-story, 32-unit multifamily property located on Franklin Avenue in Brooklyn, NY. The loan features a rate of 2.50% and a five-year term. This transaction was negotiated by Shamir Seidman and Daniel Neiss.
• New mortgages totaling $18,650,000 on two multifamily properties composed of 453 units located on Godwin Terrace in the Bronx, NY and East 24th Street in Chester, PA. The loans feature rates of 3.00% and five-year terms. Morris Diamant and Tzvi Krieger negotiated these transactions.
• A new mortgage of $12,950,000 was placed on a 40-unit multifamily property located on Central Park Avenue in Scarsdale, NY. The loan features a rate of 3.00% and a five-year term. The transaction was negotiated by Avi Weinstock and Chaim Tessler.
• A new mortgage in the amount of $10,000,000 on a seven-story, 18-unit mixed-use property with 5,500 square feet of retail space located on Delancey Street in New York, NY. The loan features a rate of 2.99% and a five-year term. Carol Shelby and Dani Sabesan negotiated this transaction.
• A new mortgage of $6,125,000 was placed on a six-story, 50-unit multifamily property located on Walton Avenue in the Bronx, NY. The loan features a rate of 3.00% and a five-year term. This transaction was negotiated by Chaim Tessler.
• A new mortgage in the amount of $2,535,000 on a six-story, 25-unit multifamily property located on Bradhurst Avenue in New York, NY. The loan features a rate of 3.00% and a five-year term. Zev Feder and Brian Ladenheim negotiated this transaction.
First Niagara’s Commercial Real Estate Group has announced construction financing for a mixed-use development that has transformed a once vacant landmark building into affordable rental apartments and retail stores in downtown Riverhead, New York. First Niagara provided a $4.35 million loan to North to South Development for the renovation and conversion of the former Woolworth Store building on East Main Street into 19 affordable rental apartments and ground-level retail. The two-story building, which was built in the 1950s, has been substantially vacant for some 15 years. Tracy Dembicer handled the transaction for First Niagara.
Cushman & Wakefield announced the closing of a $2.3 million non-recourse loan, collateralized by a four-unit multifamily building in Manhattan’s West Village. The loan features 30-year amortization and a fixed rate of 3.6%. John Leslie exclusively handled this transaction.
Eastern Union Funding announced the following transactions:
• A $14,900,000 first lien mortgage for the acquisition of a 415-unit multifamily near Atlanda, GA. This transaction was negotiated by Ira Zlotowitz and Meir Kessner
• A $4,200,000 first lien mortgage for the refinance of two multifamily buildings, housing 12 units total, on St. Johns Place in Brooklyn. This transaction was negotiated by David Betesh and Jay Bidnick
• A $3,500,000 first lien mortgage for the refinance of a 20-unit multifamily on Vernon Avenue in Brooklyn. This transaction was negotiated by Michael Muller and Moshe Lipschitz
• A $3,000,000 first lien mortgage for the refinance of a 19-unit multifamily in New Haven, CT. this transaction was negotiated by Jonathan Singer
• A $2,200,000 first lien mortgage for the refinance of a seven-unit multifamily on State Street in Brooklyn. This transaction was negotiated by Alex Freund
• A $1,900,000 first lien mortgage for the land beneath the planned development of 19 units in the Bushwick section of Brooklyn. This transaction was negotiated by David Metzger and Nate Hyman
• A $1,500,000 first lien mortgage for the refinance of a five-unit mixed-use on Franklin Avenue in Brooklyn. This transaction was negotiated by Alex Freund.
ERG Capital Advisors announced the following transactions:
• A $400,000 loan for the acquisition of 1325 East 222nd Street in Bronx, New York. The property sits in the Edenwald section of the Bronx and contains four residential units as well as one commercial unit currently housing a tenant that specializes in doors and gates. 287 McLean Avenue was used as additional collateral. The building contains seven residential apartments on three floors with 5,025 square feet.
• A $1,900,000 acquisition loan for 356-364 East 139th Street, a development site in the Mott Haven section of the Bronx. The site sits mid-block on the south side of 139th Street between Alexander Avenue and Willis Avenue. The borrower plans to construct a 41-unit rental apartment building on the site. The borrower put up three additional pieces of property to secure the loan. They plan to sell one of the additional properties within the loan’s term to pay back the loan and begin their new project. The owner would be able to pay off the loan in full with the sale of any of the properties. The portfolio of the properties is valued at a conservative $8,500,000.
GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $87,035,000 for the following properties:
• $70,000,000 for a 16-story retail/office building containing 164,000 square feet of office space and 10,050 square feet of retail space, located on West 28th Street in Manhattan, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for this property.
• $7,875,000 for a six-story apartment building containing 57 apartments and approximately 4,900 square feet of retail space, located on Sedgwick Avenue in the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this property.
• $4,500,000 for an 8-story apartment building containing 22 apartments and 800 square feet of commercial space, located on Second Avenue in Manhattan, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for these properties.
• $3,400,000 for a four-story retail/office building comprised of 21,200 square feet, located on Third Avenue in the Bronx, New York. Adam Brostovski, Princiapl of GCP Capital Group, arranged the financing for this property.
• A $1,260,000 second mortgage for a package of 3 three-story apartment buildings containing 13 apartments and 1,500 square feet of commercial spaces, located in Brooklyn, New York. Matthew Albano, Senior Broker of GCP Capital Group, arranged the financing for this transaction.
HFF arranged a $10.5 million financing for a sale/ leaseback of a 352,461 s/findustrial printing and production facility located at 100 Commons Way in Rockaway in eastern Morris County, New Jersey. HFF worked exclusively on behalf of the borrower, The Hampshire Companies, to secure the seven-year, fixed-rate financing through Ocean First Bank. Loan proceeds will be used to acquire the property. The HFF debt placement team representing the borrower was led by director Michael Klein along with senior managing director Jon Mikula and senior real estate analyst Michael Cerulo.
Hirshmark Capital LLC announced the following:
• A first mortgage in the amount of $1,100,000 for the refinance of 2 adjacent mixed-use buildings located in the Flatbush neighborhood of Brooklyn. Hirshmark Capital worked closely with the borrower and accommodated the time of the essence transaction. Hirshmark Capital’s Daniel Malka, Director of Acquisitions, arranged the financing on behalf of a private investor.
• A first mortgage in the amount of $500,000 for the refinance of 2 mixed-use properties in the Bushwick neighborhood of Brooklyn. Hirshmark Capital was able to assist the borrower even though there was a potential environmental issue that made other lenders shy away for the opportunity. Hirshmark Capital’s Daniel Malka, Director of Acquisitions, arranged the financing.
• The purchase of a package of seven non-performing loans with a UPB of $3,300,000 from a local lending institution. The portfolio included 20 residential units and 8 retail units located throughout Brooklyn (Boerum Hill, Caroll Gardens, Bed-Stuy, Gravesend and Sunset Park). Daniel Malka co-ordinated the purchase.
• The purchase of a non-performing loan secured by a 10,000 s/f mixed-use building located on the Bowery, in Manhattan. Hirshmark Capita conducted its due diligence and closed on the same day that contracts were executed, allowing the lending institution to clear its non-performing asset well ahead of schedule. Daniel Malka co-ordinated the purchase.