Meridian Capital announced the following transactions:
• A new mortgage of $3,800,000 was placed on a five-story, 43-unit multifamily property located on Wadsworth Terrace in New York, NY. The loan features a rate of 2.80% and a five-year term. This transaction was negotiated by Morris Diamant and Ben Piller.
• A new mortgage in the amount of $40,000,000 on a nine-story, 101-unit multifamily property located on East 30th Street in New York, NY. The loan features a rate of 3.00% and a five-year term. Michael Kesselman negotiated this transaction.
• A new mortgage of $8,500,000 was placed by Meridian on a five-story, 16-unit mixed-use property with 1,400 square feet of retail space located on Allen Street in New York, NY. The loan features a rate of 3.00% and a seven-year term. This transaction was negotiated by Alan Friedman and Daniel Blumenthal.
• A new mortgage in the amount of $5,300,000 on a five-story, 10-unit multifamily property located on St. Nicholas Avenue in New York, NY. The loan features a rate of 2.87% and a five-year term. David Zlotnick and Sam Shifer negotiated this transaction.
• A new mortgage of $4,985,000 was placed on a five-story, 58-unit multifamily property located on East Mosholu Parkway North in the Bronx, NY. The loan features a rate of 2.95% and a five-year term. This transaction was negotiated by Jacob Schmuckler and Sam Shifer.
• A new mortgage in the amount of $1,370,000 on a four-story, 14-unit multifamily property located on East 219th Street in the Bronx, NY. The loan features a rate of 2.90% and a five-year term. Jacob Schmuckler and Sam Shifer negotiated this transaction.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $74,850,000 for the following properties:
• $32,000,000 for a portfolio of 4 multifamily buildings containing a total of 267 apartments and 5,000 square feet of commercial space, located in the Inwood section of Manhattan, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for this portfolio.
• Approx. $20,100,000 for a portfolio of 11 multifamily buildings containing a total of 263 apartments and 1 store, located throughout the Bronx, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this portfolio.
• A 10 year fixed loan, interest only, in the amount of $17,000,000 for a seven-story apartment building containing 89 apartments and 3 professional units, located on 63rd Street in Manhattan, New York. Paul Greenbaum arranged the financing for this property.
• $5,750,000 for a package of 7 four-story apartment buildings containing a total of 56 apartments, located throughout the Bronx, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this portfolio.
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Triangle Equities closed on a $7.5 million loan with CIBC (Canadian Imperial Bank of Commerce) for its 62,000 s/f retail property, Freehold Raceway Village, in Freehold, New Jersey. This follows a successful recapitalization of the shopping center in which Triangle took on $5.5 million in debt from the previously existing owner. Lester Petracca, President of Triangle Equities, made the announcement. The property had been a distressed retail asset that Triangle recapitalized in 2012, enabling the financing of site renovations and tenant improvements for leasing and stabilization. Pursuant to the terms of the recapitalization, Triangle contributed an immediate injection of $5.5 million in capital, formed a joint venture with the existing ownership and acquired a controlling ownership stake in the property.
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Eastern Union announced the following transactions:
• A $8,500,000 first lien mortgage for the refinance of a 22,000 SF shopping center in Paramus, NJ. This transaction was negotiated by Abraham Bergman and Joseph Orzel.
• A $7,000,000 first lien mortgage for the refinance of a 100,000 square-foot warehouse in Brooklyn. This transaction was negotiated by Ira Zlotowitz and Meir Kessner.
• A $1,600,000 first lien mortgage for the acquisition of a 10-unit multifamily on Vanderbilt Avenue in Brooklyn. This transaction was negotiated by Jonathan Singer.
• A $1,500,000 first lien mortgage for the refinance of 10-unit multifamily on Willoughby Avenue in Brooklyn. This transaction was negotiated by James Hurtig.
• A $1,500,000 first lien mortgage for the refinance of a six-unit multifamily on Greene Avenue in Brooklyn, NY. This transaction was negotiated by David Eisen.
• A $1,500,000 first lien mortgage for the refinance of a four-unit mixed-use on East 15th Street in Brooklyn, NY. This transaction was negotiated by David Metzger and Nate Hyman.
• A five year non-recourse loan at 3.5 percent with 70 percent LTV through Flushing Savings Bank for Sprout Brook Shopping Center, in Paramus, NJ. The 22,000 s/f retail center is owned by international real estate investment firm, Cofinance Group. The refinance of this asset, one of several Cofinance products in New Jersey, was orchestrated by Eastern Union’s co-founder and managing partner Abraham Bergman and Joe Orzel, senior loan consultant.
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Cushman & Wakefield announced the closing of a $7.7 million non-recourse loan, collateralized by the Staybridge Suites, an 84-key hotel located at 2195 US Highway 1 South in North Brunswick, New Jersey. The loan features 30-year amortization and a 10-year fixed rate of 4.5%. John Leslie exclusively handled this transaction.
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