Dansker Realty Capital LLC, provided bridge financing on a mixed use property with 16 apartments and 2 stores in the East Village. The property was fully leased and the borrower required working capital for projects related to the property. The transaction was arranged by Lowell Dansker, principal.
Eastern Union Funding announced the following transactions:
• A $35,500,000 first lien mortgage for the acquisition of a 241-unit mixed-use property in Philadelphia, PA. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.
• A $6,300,000 first lien mortgage for the refinance of a 17-unit mixed-use property in Brooklyn, NY. This transaction was arranged by David Metzger, Moshe Feiner, Abe Kolman and Bernie Fried.
• A $4,846,000 first lien mortgage for the acquisition of a 39-unit multifamily property in West Palm Beach, FL. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.
• A $4,550,000 first lien mortgage for the acquisition of a senior living center in Naples, FL. This transaction was arranged by Nachum Soroka.
• A $3,100,000 first lien mortgage for the refinance of a 24-unit industrial property in Jackson, NJ. This transaction was arranged by Jeffrey Seidenfeld.
• A $2,868,000 first lien mortgage for the acquisition of a 8-unit multifamily property in Brooklyn, NY. This transaction was arranged by Isaac Weiss.
• A $2,250,000 first lien mortgage for the refinance of a 8-unit mixed-use property Brooklyn, NY. This transaction was arranged by Jack Beida.
• A $2,350,000 first lien mortgage for the refinance of a 6-unit multifamily property in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz and Michael Muller.
• A $2,200,000 first lien mortgage for the refinance of a 6-unit multifamily property Brooklyn, NY. This transaction was arranged by Meir Kessner and David Eisen.
A $1,175,000 first lien mortgage for the refinance of a single-tenant retail building in Denville, NJ. This transaction was arranged by Marc Tropp and David Merkin.
• A $1,700,000 first lien mortgage for the acquisition of a 3-unit mixed-use property in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
• A $1,640,000 first lien mortgage for the acquisition of a 28-unit multifamily property in Pitman, NJ. This transaction was arranged by Abraham Bergman and Eli Schwartz.
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Emerald Creek Capital announced the following transactions:
• A $3,900,000 bridge loan in the town of Great Neck, NY. The loan is secured by a 2-story mixed use property with 16,545 s/f of net rentable area. Financing was originated by ECC Vice President Matthew Fantuzzi.
• A $4,500,000 construction completion loan in the Long Island City neighborhood of Queens, NY. The loan is secured by a 9-story boutique hotel with 64 guest rooms and a rooftop lounge. Financing was originated by ECC Managing Director Mike Cleaver.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $52,800,000 for the following properties:
• $24,000,000 for a five-story, 62,000 s/f former hotel now being operated as a housing facility containing 110 resident rooms, located in Suffolk County. Jack Fried arranged the financing for this transaction.
• $15,900,000 combined financing for three multifamily apartment buildings containing a total of 99 units and 7,100 s/f of commercial space, located in the Norwood, Belmont and East Tremont sections of the Bronx. Adam Brostovski arranged the financing for these transactions.
• $6,900,000 for a 55+ senior citizen apartment complex comprised of 16 two-story buildings with 163 units, located in Oakdale, Suffolk County. Matthew Classi arranged the financing.
• $6,000,000 for two contiguous six-story multifamily buildings containing a total of 49 units and 3 commercial spaces, located on East 7th Street in Manhattan. Matthew Albano arranged the financing for this transaction.
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HKS Real Estate Advisors announced the following transactions:
• A $5.5 million refinance of a five-story mixed-use asset comprised of eight residential units and one retail unit in Hell’s Kitchen. Ayush Kapahi negotiated this transaction.
• $4.35 million refinance of an eight-unit retail strip center in New Providence, New Jersey at a 10-year term fixed at 4.75% rate. Charles Yellen negotiated the transaction.
• $2.5 million refinance of a two-story mixed-use building comprised of four commercial units (with one owner occupied) in Astoria, Queens. Ayush Kapahi negotiated this transaction.
• $1.7 million acquisition loan for the purchase of a four-story multifamily property totaling 16 units in Riverdale, the Bronx. Jay Stern negotiated the transaction.
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Houlihan-Parnes Properties announced that Michael Cuniberti and Brian Sullivan arranged first mortgage financing of $2,450,000 along with a line of credit of $250,000 on a 53 unit cooperative located at 1922 McGraw Avenue in the Parkchester section of the Bronx. The property is a multi-tenanted, six-story elevator building including three professional spaces. The refinancing was placed with a New York based bank for 10-year term at 3.15% interest and 30-yr amortization schedule. The loan was done at par with a yield maintenance prepayment penalty. The borrower was represented by Alan Snider, Esq. and title was provided by Madison Abstract.
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W Financial announced that Jarret Schochet, David Heiden, Andrew Singer and TJ Randall arranged the following bridge loans:
• $3,200,000 for the acquisition of a garden-style apartment complex in Atlanta, Georgia. TThe borrower plans to stabilize the asset and refinance with conventional bank financing.
• $10,000,000 secured by a townhouse on East 67th Street. The borrower will refinance a maturing conventional loan and repay the bridge loan upon sale of the property.
• $1,250,000 revolving credit facility collateralized by a first mortgage blanketing two occupied condominium units in a 122-unit building in Greenwich Village. The borrower specializes in purchasing high-end condominium units, which he leases to corporations for housing. Both units are producing rental income, and the borrower expects to refinance the bridge loan by either selling or refinancing the units with a traditional bank financing.
• $5,900,000 secured by a commercial property located on Ludlow Street on the Lower East Side. The property is currently occupied by a nightclub paying below market rents. The borrower is in the process of negotiating a lease with a new tenant at higher rents and expects to refinance the bridge loan once the lease has been finalized.
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Arbor Realty Trust, Inc. funded a Fannie Mae Small Loans portfolio in Connecticut totaling $3.9M. Robert Mendeles of Arbor’s Englewood Cliffs office originated the loans. The portfolio consists of two multifamily properties in East Haven and New Haven, CT: Catherine Commons, received $2.2M in acquisition funding, Austin Apartments, a 24-unit building received $1.7M in refinance cash-out funding through the Streamlined Rate Lock (SRL) product.
