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.
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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.
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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.
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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.
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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.
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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.
