Transactions

Meridian Capital Group, LLC announced the following transactions:
• A new mortgage in the amount of $7,750,000 on two mixed-use buildings
totaling 23 units and 4,200 s/f of retail space located on Eighth Avenue in New York, NY. The loan features a rate of 2.65% and a three-year term. Cary Pollack negotiated this transaction.
• A new mortgage totaling $55,000,000 on a 437-unit, 20-story cooperative building located on Arlington Avenue in Riverdale, NY. The loans feature a rate of 2.89% and a 10-year term. Steve Geller and Nicoletta Pagnotta negotiated this transaction.
• A new mortgage in the amount of $7,000,000 on two mixed-use buildings totaling 32 units and 3,200 s/f of retail space located on Mulberry Street in New York, NY. The loan features a rate of 3.00% and a 10-year term. Alan Friedman and Michael Ryback negotiated this transaction.
• A new mortgage of $2,500,000 won a 48-unit co-operative building located on 18th Avenue in Brooklyn, NY. The loan features a rate of 3.13% and a 15-year term. Morris Diamant and Ben Piller negotiated this transaction.
• A new mortgage in the amount of $2,000,000 on a 31-unit, six-story multifamily building located on 151st Street in New York, NY. The loan features a rate of 3.13% and a 12-year term. David Zlotnick and Sam Shifer negotiated this transaction.
• A new mortgage of $1,100,000 on an eight-unit, four-story multifamily building located on East 119th Street in New York, NY. The loan features a rate of 3.00% and a 10-year term. David Zlotnick and Sam Shifer negotiated this transaction.
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Emerald Creek Capital, LLC provided two loans totaling $2.35 million:
$800,000 loan to pay back seller financing on a 7,400 square foot Upper West Side multifamily building in Manhattan, NY. The loan was originated by Mike Cleaver.
• $1,550,000 rehab loan in the Boerum Hill neighborhood of Brooklyn, NY. The three-unit building is a short walk to the Barclay’s Center. The loan was originated by Jeff Seidler.
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Eastern Union announced the following transactions:
• A $4,000,000 first lien mortgage for the refinance of a 70 unit multifamily property on 21st Street in Brooklyn, NY. This transaction was arranged by Shaya Ackerman.
• A $3,720,000 first lien mortgage for the refinance of a 54 unit multifamily property on Arthur Avenue in Bronx, NY. This transaction was arranged by Michael Muller.
• A $2,861,000 first lien mortgage for the refinance of a 12 unit multifamily property on 76th Road in New York, NY. This transaction was arranged by Nate Hyman.
• A $1,500,000 first lien mortgage for the refinance of a 20 unit multifamily property on Bedford Avenue in Brooklyn, NY. This transaction was arranged by Isaac Sternhill.
• A $1,000,000 first lien mortgage for the refinance of a 36 unit multifamily property on Dundalk Avenue in Baltimore, MD. This transaction was arranged by Marc Tropp.
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GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $30,500,000 for the following properties:
• $15,000,000 for three contiguous six-story apartment buildings containing a total of 330 units and 2 stores, located in the Bronx. Paul Greenbaum arranged the financing for this transaction.
• $4,900,000 for three adjacent five-story apartment buildings containing a total of 61 apartments and 1 store, located on West 172nd Street in Manhattan. Adam Brostovski, principal, arranged the financing.
• $4,500,000 for a five-story mixed-use building comprised of 7,300 s/f located on Grand Street in Manhattan. Matthew Albano arranged the financing.
• $3,600,000 for a single story retail strip comprised of 25,600 s/f in Great Neck, Nassau County. Matthew Classi arranged the financing.
• $2,500,000 for a six-story apartment building containing 20 units and 2 stores, located on First Avenue in Manhattan. George Spanos arranged the financing.
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Madison Realty Capital (MRC) announced the closing of a $5,000,000 loan secured by a 19th century townhouse on New York’s Upper East Side. By providing the financing, MRC facilitated a time-sensitive transaction between two siblings who had inherited the property. Josh Zegen, co-founder, said the borrower had a need for financing to support the purchase of a 50% interest in the property.
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Marcus & Millichap Capital Corporation (MMCC) has arranged a $2,000,000 fixed rate loan for the re-financing of a single-tenant property supermarket located on a commercial thoroughfare in Flatbush, Brooklyn. Anita Pins arranged the financing, which closed with a rate of 4.1 percent, fixed for a 7-year term with 25-year amortization. According to Pins, in the absence of historical operating data for the recently renovated supermarket, the lender relied on the financial strength of the borrower and tenant incentives under the terms of the 25-year net lease, which included an option to purchase.
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North East Community Bank (NECB) reported the following transactions:
• $650,000 first lien mortgage for a mixed-use building in Brooklyn.
• $390,000 first lien mortgage for a mixed-use building in Brooklyn.
• A new mortgage in the amount of $700,000 for a mixed-use building in Brooklyn.
• A new mortgage in the amount of $2,000,000 on a 5 story multi-family building upper west side NYC.
• A $1,500,000 new mortgage on a 6 story elevator building on upper east side NYC.
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Beech Street Capital, LLC announced the following transactions:
• A $6 million Fannie Mae DUS loan to refinance the Pyramid Pines MHC, a 339-site manufactured housing community in Saratoga Springs, New York. Kristen Croxton and Greg Reed originated the transaction. The transaction was brought to Beech Street by Michael Malik of Broadway Capital Partners. The fixed-rate loan has a 10-year term with 9.5 years yield maintenance, and a 30-year amortizing schedule.
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NorthMarq announced the following transactions:
• Greg Nalbandian arranged a first mortgage loan in the amount of $3.36 million for the refinance of a 27-year ground lease to a 150 room, fully renovated, limited service Marriott Residence Inn. Financing was based on a 5-year term with a 25-year amortization schedule through NorthMarq’s relationship with a regional bank. NorthMarq was able to structure an 80% LTV, non-recourse, five-year loan well below 4.0% with flexible prepayment that was completely open at par during the last two years of the loan.
• An $8 million refinancing for Millburn Shopping Center, a 67,000 s/f mixed-use shopping center in Short Hills, NJ. Working exclusively for the borrower, MSS Millburn Realty Company, Greg Nalbandian, managing director, structured a 22-year self-liquidating loan at a 4.0% interest rate through NorthMarq’s relationship with its correspondent life company lender, Genworth Financial.
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Pergolis Swartz Associates Inc. announced the following transactions:
• Permanent financing in the amount of $3,670,000 was closed by Richard Pergolis for two mixed use properties located on Westchester Avenue in the Bronx.
• Permanent financing in the amount of $1,790,000 was arranged by Richard Pergolis for two mixed use properties located on Third Avenue in the Bronx.
• Barry Swartz closed a permanent mortgage in the amount of $10,500,000 for a six story walk up apartment building located on East 13th Street in Manhattan.