Meridian Capital announced the following transactions:
• A new mortgage of $7,500,000 was placed on a six-story, 22-unit mixed-use property with 2,000 square feet of retail space located on West 125th Street in New York, NY. The loan features a rate of 2.50% and a five-year term. This transaction was negotiated by Scott Assouline and David Zlotnick.
• A new mortgage in the amount of $17,100,000 on an eight-story, 41-unit multifamily property located on Frederick Douglass Boulevard in New York, NY. The loan features a rate of 3.08% and a seven-year term. Cary E. Pollack and Justine Hughes negotiated this transaction.
• A new mortgage of $6,050,000 was placed on a four-story, 43-unit multifamily property located on 81st Street in Brooklyn, NY. The loan features a rate of 3.13% and a five-year term. This transaction was negotiated by Isaac Filler and Michael Helmreich.
• A new mortgage in the amount of $2,850,000 on a two-story, 40-unit multifamily property on 90th Avenue in Jamaica, NY. The loan features a rate of 3.00% and a five-year term. Judah Hammer and Sam Schonfeld negotiated this transaction.
• A new mortgage of $1,500,000 was placed on a 25-unit mixed-use property with 1,500 square feet of retail space located on Hill Street in Newark, NJ. The loan features a rate of 3.13% and a five-year term. This transaction was negotiated by Sean Mooney and Damien Lolos.
• A new mortgage in the amount of $1,450,000 on a five-story, 20-unit multifamily property located on Tiebout Avenue in the Bronx, NY. The loan features a rate of 3.14% and a five-year term. David Hayum and Moe Rosenblum negotiated this transaction.
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Arbor Commercial Mortgage announced the funding of nine loans totaling $29,818,600 across the nation under the Fannie Mae Delegated Underwriting & Servicing (DUS) Loan, FHA 223(f) Loan, Fannie Mae DUS Affordable Housing product lines. All of the loans were originated by Ryan Duff. They included:
• Ashley Village, North Charleston, SC – This 266-unit multifamily property received $8,261,400 funded under the Fannie Mae DUS Loan product line. The seven-year acquisition loan amortizes on a 30-year schedule.
• La Hacienda Apartments, Dallas, TX – This 200-unit multifamily property received $4,500,000 funded under the Fannie Mae DUS Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.
• Casa Feliz Apartments, Dallas, TX – This 161-unit multifamily property received $3,900,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
• Shady Oaks Apartments, Mount Pleasant, TX – This 74-unit multifamily property received $1,900,000 funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Each apartment unit features a refrigerator, a freezer, an electric stove, an oven and a dishwasher.
• Olive Tree Apartments, Livingston, CA – This 86-unit multifamily property received $3,200,000 funded under the Fannie Mae DUS Loan product line. The seven-year acquisition loan amortizes on a 30-year schedule.
• Northgate Apartments, Zanesville, OH – This 86-unit multifamily property received $2,470,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
• Parkway Arms Apartments, Lakewood, OH – This 42-unit multifamily property received $750,000 funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
• Adams Court Apartments, Mattapan, MA – This 50-unit multifamily property received $2,436,000 funded under the FHA 223(f) Loan product line. The 35-year refinance loan amortizes on a 35-year schedule.
• Southside Seniors Apartments, Anchorage, AK – This 48-unit multifamily property received $1,650,000 funded under the Fannie Mae DUS Multifamily Affordable Housing product line.
• Waverly Gardens Apartments, Oklahoma City, OK – This 24-unit multifamily property received $751,200 funded under the Fannie Mae DUS Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.
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Avant Capital Partners originated a $3,400,000 bridge loan secured by two residential rental properties located on Bedford Avenue and North 7th Street in Williamsburg, Brooklyn. Dan Pollak, of Zev Pollak Co., acted on behalf of the borrower. The 3,200 s/f Bedford Avenue building was originally constructed in 1901 and features an 800 s/f rear yard. The 2,976 s/f North 7th street building was constructed in 1899 and is a residential rental building that was recently renovated.
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Eastern Union Funding announced the following:
• A $7,000,000 first lien mortgage to refinance a recently purchased warehouse, which will be converted into 100,000 SF of retail and office space in Brooklyn. This transaction was negotiated by Ira Zlotowitz and Meir Kessner
• A $3,400,000 first lien mortgage for the acquisition of a 44-unit multifamily property on Garfield Avenue in Jersey City, NJ. This transaction was negotiated by Ira Zlotowitz and Michael Muller
• A $3,873,000 first lien mortgage for the acquisition of a 37,200 SF single-story industrial building in Far Rockaway, NY. This transaction was negotiated by Michael Muller
• A $2,800,000 first lien mortgage for the refinance of a six-unit multifamily property in Brooklyn. This transaction was negotiated by Efraim Perlowitz and Motti Blau
• A $2,700,000 first lien mortgage for the acquisition of a 28-unit multifamily property on East 94th Street in Brooklyn, NY. This transaction was negotiated by Isaac Sternhill
• A $1,925,000 first lien mortgage for the refinance of a six-unit multifamily property in the Bushwick neighborhood of Brooklyn, NY. This transaction was negotiated by Nate Hyman and David Metzger
• A $1,150,000 first lien mortgage for the acquisition of a six-unit multifamily property in the Bushwick neighborhood of Brooklyn, NY. This transaction was negotiated by David Metzger and Nate Hyman.
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James Houlihan of Houlihan-Parnes Realtors announced the following transactions:
• A $5,000,000 second mortgage behind a $20,00,000 first mortgage on 1775 Grand Concourse in the Bronx, NY. The 180,000 s/f office and retail space now has a floating loan at prime + ¾ of 1% for a two-year term. The mortgage covers a commercial condominium interest in the 300,000 s/f building that shares ownership with Verizon. The property is owned by Sam Jemal of JJ Operating, Inc. and members of his family together with members of Houlihan-Parnes Realtors, LLC.
• The refinancing of a $4,500,000 first mortgage on the 8,600 s/f Rite Aid pharmacy building located at 41-51 West Fordham Road in the Bronx, New York. The 5-year, non-recourse loan has a fixed rate of 4% with a 30-year amortization schedule thereafter it is interest-only for two years. The loan, closed with a local Bank, is pre-payable 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 and title was provided by Jim Maloney of The Great American Title Agency, Inc.
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Cushman & Wakefield announced the closing of a $2.3 million permanent loan for a retail and residential property facing Lafayette Square in SoHo. The 5-year loan closed with a fixed rate coupon in the mid-3.0% range. The loan, arranged by Cushman & Wakefield’s Bruce Whipple, replaced a short-term bridge loan. The retail space will become expansion space for Osteria Morini, a high-end Italian restaurant owned and operated by Altamarea Group.
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National Cooperative Bank announced that the Bank originated $34.3 million in new loans during January for 13 New York area properties.
Edward Howe III, managing director of the NCB New York office, originated nearly $20 million in new loans during January, including:
• A $5 million line of credit for Rex Ridge Apartment Corp., a 371-unit co-op at 23 Fieldston Drive in Hartsdale, NY;
• A $3.6 million first mortgage and a $500,000 line of credit for a 124-unit co-op at 310 Lexington Avenue in Manhattan;
• A $3.5 million first mortgage and a $500,000 line of credit for a 99-unit co-op at 2 Bronxville Road in Yonkers, NY;
• A $2.6 million first mortgage and a $1 million line of credit for an 89-uint co-op at 510 East 86th Street in Manhattan;
• A $2 million first mortgage and a $500,000 line of credit for a 66-unit co-op at 3210 Arlington Avenue in Riverdale, NY; and
• A $650,000 first mortgage and $100,000 line of credit for a 17-unit co-op at 80 Lincoln Avenue
in Rockville Centre, NY.
Mindy Goldstein, a senior vice president at NCB, arranged $10.7 million in financing, including the largest loan of the month, a $5.3 million first mortgage and a $500,000 line of credit for a 158-unit co-op at 37-31 73rd Street in Jackson Heights, NY. Other financing included:
• A $4 million line of credit for Country Club Gardens Owners, Inc., a 219-unit co-op at Farber Drive in West Babylon, NY;
• A $600,000 line of credit for an eight-unit co-op at 265-267 Water Street in Manhattan; and
• A $300,000 Assignment of Assessment and Rights for Greenridge Estates Condominium, an 82-unit condo at 1-13 Greenridge Avenue in White Plains, NY.
NCB Vice President Harley Seligman arranged $3.6 million in new loans during January, including:
• A $2.3 million first mortgage and a $250,000 line of credit for Denn Owners Corp., a 73-unit co-op at 2835 Webb Avenue in Bronx, NY;
• A $750,000 first mortgage for a six-unit co-op at 17 Warren Street; and
• A $350,000 first mortgage for a ten-unit co-op at 280 West 12th Street in Manhattan.
