Houlihan Parnes announced that James J. Houlihan, Christie L. Houlihan and Bryan J. Houlihan secured the placement of a $1,770,000 first mortgage on Ardsley Shopping Center, located at 717-725 Saw Mill River Road in Ardsley, New York. The non-recourse loan is fixed for 5 years at 4.625%. The shopping center is anchored by a CVS Pharmacy. 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 five years. The borrower was represented by Christie L. Houlihan, Senior Director and Counsel of Houlihan-Parnes Realtors.
Arbor Realty Trust announced the following transactions:
• A Fannie Mae Small Loan in Sun Prairie, WI. Stonewood Crossing, a 24-unit multifamily property, received $3.2M in refinance funding through the program. The loan includes a 30 year fixed-rate term and amortization schedule with one year of interest only. Geoffrey Platt of Arbor’s New York City office originated the loan.
• A&M Courtyard, Bryan, TX, a 32-unit student housing property received $1.1 million in acquisition funding through the Fannie Mae DUS Small Loan program. The loan provides a 10 year, fixed-rate term on a 30-year amortization schedule. Austin Walker of Arbor’s New York City office originated the loan.
• Raleigh Square Apartments, Oklahoma City, OK, a 105-unit multifamily property received $2.2 million in acquisition funding through the Fannie Mae ARM 7-6 loan program. The loan provides a 7-year term with an adjustable rate on a 30-year amortization schedule. Austin Walker originated the loan.
• Timberline Mobile Home Park, Show Low, AZ, a 128-unit multifamily property received $2.8 million in acquisition funding through the Fannie Mae DUS loan program. The loan provides a 12 year, fixed-rate term with two years of interest only on a 30-year amortization schedule. Timberline Mobile Home Park is a mix of 89 mobile home sites, 38 RV sites and one apartment unit. Austin Walker originated the loan.
The Community Preservation Corporation (CPC) announced the following transactions:
• A $11,440,000 permanent loan take-out for the new construction of a 46-unit apartment building in Beacon, NY. The loan included 24 months of interest-only payments and was arranged by Mary Paden.
• A $6,800,000 FHA loan for the refinancing of a 146-unit complex in Cortland, NY. This loan was arranged by Miriam Zinter.
• A $524,000 permanent loan take-out for the new construction of 8 rental units and ground floor commercial spaces in the Central Business District of Owego, NY. This loan was arranged by Michael Skrebutenas.
CPC Mortgage Company LLC, a subsidiary of the Community Preservation Corporation, announced the closing of a $9.6 million Federal Housing Administration loan to refinance two rent stabilized, multifamily properties in East Harlem community. The two six-story walk-up, mixed-use rent regulated buildings located on East 116th Street were constructed circa 1920 and consist of a total of 52 rental units. CPC’s FHA Section 223(f) product allowed the borrower to refinance both properties at a more favorable rate, and fund standard repair and maintenance work. The property will also enter into an Article XI tax exemption with the City of New York.
Eastern Union Funding announced the following transactions:
• A $1,950,000 first lien mortgage for the refinance of a 12-unit multifamily property in Bronx, NY. This transaction was arranged by Michael Muller.
A $3,250,000 first lien mortgage for the refinance of a multifamily property in Clementon, NJ. This transaction was arranged by Jeffrey Seidenfeld.
Emerald Creek Capital provided a $4,900,000 bridge loan in the East Village neighborhood of New York, NY. The loan is secured by a 5,400 square foot four-story mixed-use building situated on a 1,580 s/f lot. Financing was originated by ECC managing director Mike Cleaver.
GCP Capital Group arranged mortgage financing in the aggregate amount of $36,250,000 for the following properties:
• $12,000,000 for an eight-story multifamily apartment building containing 105 units and approximately 11,100 square feet of commercial space, located in Paterson, New Jersey. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
• $11,000,000 for a six-story multifamily apartment building containing 38 units and approximately 5,800 square feet of commercial space, located on Broadway in Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $8,000,000 for a four-story mixed-use building containing 2 apartment units and 3,400 square feet of commercial space, located in the East Village of Manhattan, New York. Alan Perlmutter, Managing Member, arranged the financing.
• $5,250,000 for the development of a ten-story condominium building containing 90 units and approximately 22,000 square feet of commercial space, located in Woodside, Queens, New York. Matthew Albano, Managing Director, arranged the financing.
Holliday Fenoglio Fowler arranged refinancing for The Shoppes at the Livingston Circle, a 95,809 s/f, Aldi-anchored retail center in Livingston, New Jersey. On behalf of the borrower, Eastman Companies, HFF placed the 12-year, fixed-rate loan with Voya Investment Management. Loan proceeds will be used to refinance the existing debt. Developed by the borrower in 1993, The Shoppes at the Livingston Circle has undergone a multi-million-dollar renovation over the past two years. Currently 80 percent leased, the center is home to a roster of service-oriented, lifestyle-focused national and local tenants, including anchor Aldi, Olive Garden, Goldfish Swim School, Hand & Stone Massage and Facial Spa, Club Pilates, Fitness 1440 and Cycle Bar. The Shoppes at the Livingston Circle is situated on 16.1 acres at 277 Eisenhower Parkway at the intersection of Eisenhower Parkway and Route 10 at the western edge of Essex County. The HFF debt placement team representing the borrower was led by senior managing directors Jon Mikula and Jim Cadranell and analyst Andrew Zilenziger.
Hirshmark Capital announced the following transactions arranged through an affiliate entity:
• A $4,500,000 bridge loan secured by a retail property and a commercial building/future development site in South Brooklyn. The borrower needed capital to acquire one of the subject properties and used the second building as additional collateral.
• An $8,200,000 bridge loan secured by two buildings in the Chinatown neighborhood of Manhattan. The subject properties have 10 apartments and 2 retail spaces, which total 20,000 s/f. The borrower needed capital to refinance.
Meridian Capital announced the following transactions:
• A new mortgage of $9,925,000 was originated on a co-op totaling 324 units located on 45th Street in Long Island City, NY. The loan features a rate of 3.80% and a 10-year term. This transaction was negotiated by Michael Farkovits and John Bianco.
• A new mortgage in the amount of $7,500,000 on a 16-unit multifamily property located on Third Avenue in New York, NY. The loan features a rate of 3.88% and a five-year term. David Hayum negotiated this transaction.
• A new mortgage of $4,500,000 was originated on a mixed-use property totaling seven units located on St Marks Place in New York, NY. The loan features a rate of 3.88% and a five-year term. This transaction was negotiated by Michael Homapour.
• Meridian originated a new mortgage in the amount of $3,400,000 on a 40-unit multifamily property located on Winthrop Street in Brooklyn, NY. The loan features a rate of 3.78% and a five-year term. Chaim Tessler negotiated this transaction.
• A new mortgage of $3,200,000 was originated on a multifamily property totaling 24 units located on St John’s Place in Brooklyn, NY. The loan features a rate of 3.88% and a five-year term. This transaction was negotiated by Jacob Laster.
• A new mortgage in the amount of $2,200,000 on an 83-unit cooperative property located on 134th Street in Kew Gardens, NY. The loan features a rate of 3.80% and a 10-year term. Josh Rhine negotiated this transaction.