Transactions

Meridian Capital Group, LLC announced the following transactions:
• A new mortgage in the amount of $2,450,000 on a 26-unit, four-story multifamily building located on 47th Street in Brooklyn, NY. The loan features a rate of 2.90% and a 10-year term. Morris Diamant and David Steinmetz negotiated this transaction.
• New mortgages totaling $17,500,000 were placed on 12 multifamily buildings totaling 442 apartments and 12 stores located in Midtown West and the Upper West Side of Manhattan, NY and on 14th Street in Brooklyn, NY. The loans feature seven-year terms and fixed-rates of 3.17% with full-term interest-only payments. Avi Weinstock and Josh Rhine negotiated this transaction.
• A new mortgage in the amount of $3,165,000 on an 18-unit, four-story multifamily building located on Union Street in Brooklyn, NY. The loan features a rate of 3.00% and a 10-year term. David Hayum negotiated this transaction.
• A new mortgage of $3,000,000 on a 53-unit, five-story multifamily building located on Elton Street in Brooklyn, NY. The loan features a rate of 3.00% and a 10-year term. Judah Hammer and Michael Ryback negotiated this transaction.
• A new mortgage in the amount of $2,000,000 on an eight-unit, five-story mixed-use building featuring 2,500 square feet of retail space located on East 71st Street in New York, NY. The loan features a rate of 2.90% and a 10-year term. Isaac Filler negotiated this transaction.
• A new mortgage of $1,100,000 was placed on a 31-unit, four-story multifamily building located on 86th Road in Woodhaven, NY. The loan features a rate of 3.00% and a five-year term. Judah Hammer negotiated this transaction.
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Arbor Commercial Funding, LLC announced the recent funding of 14 loans totaling $86,412,000 across Texas and California under the Fannie Mae Delegated Underwriting & Servicing (DUS) Loan, Fannie Mae DUSSmall Loan and Fannie Mae DUS ARM 7/6 product lines. All of the loans were originated by Jay Porterfield. These loans include:
• Creekside Glen Apartments, Walnut Creek, CA, a 152-unit multifamily property received $18,399,000;
• Carmel House Apartments, Walnut Creek, CA, a 107-unit multifamily property received $12,894,000;
• Cypress Creek Apartments, Walnut Creek, CA, a 99-unit multifamily property received $11,660,000;
• Briarwood Apartments, Turlock, CA, a 144-unit multifamily property received $5,400,000;
• Coaling Station B Apartments, Coalinga, CA, a 105-unit multifamily property received $3,350,000;
• Village Ceres Apartments, Ceres, CA, a 48-unit multifamily property received $1,820,000;
•Park Lane Villas, Austin, TX, a 242-unit multifamily property received $11,344,800;
• Trinity Oaks Apartments, Dallas, TX, a 240-unit multifamily property received $5,300,000;
• The Forest at Duck Creek Apartments, Garland, TX, a 130-unit multifamily property received $5,025,000.
• Stone Creek Apartments, Marshall, TX, an 80-unit multifamily property received $3,320,000;
• The Palms of Lake Jackson, Lake Jackson, TX, a 184-unit multifamily property received $3,250,000.
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Beech Street Capital, LLC, closed a $8.4 million Fannie Mae conventional loan for the acquisition of South Orange Towers, a mid-rise apartment totaling 108 units, in Orange, NJ. The transaction, originated by Avi Weinstock and Josh Rhine, of Meridian Capital Group, LLC, was financed by Beech Street Capital as part of its correspondent relationship with Meridian. The borrower is a repeat customer, having closed a $19.4 million transaction with the company in 2012. Beech Street was able to expedite the underwriting process and rate lock the loan within a month of signing up the deal. The fixed-rate loan has a 10-year term, with 2.5 years interest only, yield maintenance of seven years, and a 30-year amortizing schedule.
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Brick Realty Capital LLC, through an affiliate entity, provided a first mortgage in the amount of $700,000 to a local real estate investor. Located in the heart of the Sunset Park section of Brooklyn, the collateral is comprised of a four-story walk-up apartment building that contains six apartments and two retail stores. Phil Ragone of Brick Capital Group arranged the financing for this transaction.
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Eastern Union announced the following transactions:
• A $4,537,500 first lien mortgage for the refinance of a 75,571 SF shopping center in Pompton Lakes, NJ. This transaction was arranged by Shaya Ackerman.
• A $3,530,000 first lien mortgage for the acquisition of a mixed used property on N. Federal Highway in Pompano Beach, FL. This transaction was arranged by David Betesh.
• A $2,775,000 first lien mortgage for the refinance of a 33 unit multifamily property on Manhattan Avenue in Jersey City, NJ. This transaction was arranged by Michael Muller.
• A $2,166,500 first lien mortgage for the refinance of a 111,000 SF retail property on South Water Street, in Sharon, PA. This transaction was arranged by Nate Hyman.
• A $2,000,000 first lien mortgage for the refinance of an 88,500 SF industrial property on Louisiana Avenue, in Brooklyn, NY. This transaction was arranged by Jeff Seidenfeld.
• A $1,950,000 first lien mortgage for the refinance of a 20 unit multifamily property on 14th Street in Brooklyn, NY. This transaction was arranged by Jack Beida.
• An $1,800,000 first lien mortgage for the refinance of a 32 unit multifamily property on Hoover Street in Old Forge, PA. This transaction was arranged by Moshe Lipschitz.
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Emerald Creek Capital, LLC provided a $5,000,000 loan to complete the restoration of the historic Williamsburg Savings Bank in Brooklyn, NY. The building, originally built in the 1870’s is destined to be one of the premier event centers in New York City. ECC priced this loan at 8%. The loan was originated by Jeff Seidler, director.
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GCP Capital Group LLC, has arranged mortgage financing in the aggregate amount of $22,050,000 for the following properties:
• $8,750,000 for 2 six-story apartment buildings containing 58 units, located on Thompson Street in Manhattan, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $4,600,000 for three contiguous five-story apartment buildings containing a total of 60 apartments, located on East 88th Street in Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $4,550,000 for a five-story apartment building containing 65 units, located on Giles Place in the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
• $2,500,000 for three contiguous four-story walk-up apartment buildings containing 26 units, located on West 70th Street in Manhattan, New York. Paul Greenbaum arranged the financing for this transaction.
• $1,650,000 for a two-story retail building comprised of 17,190 square feet, located on East Gun Hill Road in the Bronx, New York. Adam Brostovski arranged the financing.
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Hudson Realty Capital LLC funded a $5.5 million first-mortgage construction loan secured by a former school building in the Bedford-Stuyvesant section of Brooklyn, N.Y. The sponsor is utilizing the loan proceeds to fund building renovations. Spencer Garfield, managing director, made the announcement. The property, a former Catholic school and rectory, is comprised of two buildings connected at the basement level. Combined, the buildings feature 57,720 s/f of space that is being converted into a 46-unit multi-family complex with 23 underground parking spaces. The business plan includes converting the former school into an apartment-rental complex.
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Pergolis Swartz Associates Inc. announced the following transactions:
• Richard Pergolis closed a permanent mortgage in the amount of $13,500,000 for a six story elevator mixed used property on Park Avenue South in Manhattan.
• Barry Swartz arranged for a permanent mortgage in the amount of $19,500,000 for three 5-story walk up apartment buildings containing a total of 50 apartments located on Christopher Street in Manhattan.
• Richard Pergolis negotiated permanent financing in the amount of $1,850,000 for a six story elevator office building on Fifth Avenue in Pittsburgh, PA.
• Len Solinsky obtained permanent financing in the amount of $1,215,000 for a dental office building on Ditmars Blvd. in Astoria.
• A permanent loan in the amount of $1,800,000 was closed by Michael Volpe for a commercial condominium on the Bowery in Manhattan.
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Commercial Mortgage Capital (CMC) recently closed $31.6 million worth of loans with life company correspondents and regional banks. Mark Scott, founder and principal of CMC, made the announcement:
• An $11 million permanent first mortgage loan for The Crossings at Ewing, a three-story, 120-unit luxury apartment complex comprised of five buildings on more than 12 acres, located in Ewing, NJ.
• The firm arranged a $9.75 million, 10-year first mortgage refinance for luxury garden apartment and townhouse development Wellsbrook in Neptune, NJ. The 11-building complex contains 82 two-bedroom units. Nepture;
• The firm arranged a $4 million, 10-year first mortgage refinance for Parkside Court Apartments located in Ewing, NJ. with a local NJ Bank. The two-building garden apartment complex contains a total of 96 residential units in a largely residential neighborhood;
• A $2.6-million first mortgage, bank refinance for a two-building garden apartment complex in Palisades Park, six miles from New York City. The 14-unit residence is located on East Homestead Avenue, while the other 12-unit property is situated on Grantwood Boulevard.
• The firm arranged a $2 million, 10-year refinance bank loan for a 47-unit, fully-leased garden apartment in Elizabeth, NJ. Brittany Apartments is a three-story building that consists of 47 units;
• The firm arranged a $2 million, 10-year first mortgage refinance bank loan for a three-story, 6-unit luxury apartment building in Roselle Park, NJ.