Hirshmark Capital, through an affiliate entity, announced the funding of a $4,500,000 bridge loan secured by a townhouse on the Upper West Side of Manhattan. The subject property is a gut renovated, 6,000 s/f townhouse. The borrower needed capital for other business purposes. This is yet another example of our aggressive appetite in providing short term bridge financing in a time sensitive manner. This transaction was negotiated by Hirshmark’s Peter Cohen and Jake Soodek.
Houlihan-Parnes Realtors announced that Christie L. Houlihan, Bryan J. Houlihan, James J. Houlihan and Andy Greenspan placed $4,500,000 of acquisition financing on the 55,264 s/f office building located at 28 Kaysal Court, Armonk NY. Houlihan Parnes Realtors negotiated beneficial loan terms for GHP Office Realty. The fixed rate loan was placed with a local bank for a term of 14 years with the initial rate of 3.50% adjusting after the seventh year. The value-add property is currently 81 percent occupied with six tenants, including; CM Almy Inc., and Armonk Center for Dance. Now that GHP Office Realty has taken ownership they intend to invest capital and to improve its tenant exposure and the common areas.
GCP Capital Group arranged mortgage financing in the aggregate amount of $66,450,000 for the following properties:
• $25,000,000 for a five-story multifamily apartment building containing 80 units and 2 stores, located in Long Island City. Adam Brostovski arranged the financing for this transaction.
• $18,000,000 for a nine-story multifamily apartment building containing 21 units and 2 commercial units, located on East 81st Street in Manhattan. Matthew Classi arranged the financing.
• $14,000,000 for a six-story multifamily apartment building comprised of 29,460 square feet, located on Audubon Avenue in Manhattan. Paul Greenbaum arranged the financing for this transaction.
• $9,450,000 for a six-story mixed-use building containing 54 apartments and 5 commercial units, located on West 129th Street in Manhattan. Michael Charnowitz arranged the financing for this transaction.
Dansker Capital Group at Marcus & Millichap announced the following transactions:
• A $25,000,000 construction loan was arranged for a multifamily development in Westchester County. The financing was arranged by Andrew Dansker.
• A $1,500,000 refinance was arranged for a 31-unit multifamily property in Newton, Massachusetts. The financing was arranged by Andrew Dansker.
• A $1,150,000 refinance was arranged for an 8-unit multifamily property located in Harlem. The financing was arranged by Andrew Marcus and Andrew Dansker.
• A $1,120,000 acquisition loan was arranged for a newly developed Dollar General in Tuckahoe, New Jersey. The financing was arranged by Andrew Dansker.
• A $1,000,000 line of credit was arranged for a 24,000 SF multifamily building located in the Wakefield neighborhood of the Bronx. The financing was arranged by Andy Weiss and Andrew Dansker.
W Financial has provided the following bridge loans which were handled by Jarret Schochet, David Heiden, Andrew Singer and TJ Randall:
• A $43,000,000 mezzanine loan secured by interests in more than 2,000 cash-flowing rental apartments within 19 garden-style apartment communities located in the New York suburbs. The borrower, who owns and manages a number of similar apartment communities, had a short-term need, which W Financial’s mezzanine loan was able to address. The borrower expects to repay the W Financial loan with the proceeds of an upcoming capital event.
• A $500,000 bridge loan collateralized by a loft condominium unit located on Grand Street between West Broadway and Wooster Streets in the SoHo neighborhood of Manhattan. The borrower needed to access liquidity for a business purpose. The borrower plans to repay the W Financial loan either via a refinance, an expected liquidity event, or by the sale of the property.
Eastern Union Funding announced the following transactions:
• A $51,000,000 first lien mortgage for the refinance of a 246-unit Skilled Nursing Facility in Cherry Hill, NJ. This transaction was arranged by CJ Danziger and Phil Krispin.
• A $750,000 first lien mortgage for the refinance of a 3-unit mixed-use property in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz.