Transactions

Meridian Capital Group, LLC announced the following transactions:
• A new mortgage in the amount of $32,000,000 on two multifamily buildings totaling 153 units located on West 106th Street in New York, NY. The loan features a rate of 3.00% and a 15-year term. Michael Kesselman negotiated this transaction.
• New mortgages totaling $18,900,000 on six multifamily buildings totaling 134 units located on 15th Street, Seventh Avenue, Eighth Avenue, 11th Street, First Street and Church Avenue in Brooklyn, NY. The loans feature a rate of 3.00% and a 10-year term. Morris Diamant and Joe Klein negotiated this transaction.
• A new mortgage in the amount of $8,000,000 on five multifamily buildings totaling 66 units located on Barclay Avenue in Flushing, NY. The loan features a rate of 3.00% and a 10-year term. Joe Taub negotiated this transaction.
• A new mortgage of $5,500,000 on two mixed-use buildings totaling 21 units and 2,370 square feet of retail space located on Mott Street in New York, NY. The loan features a rate of 3.13% and a 12-year term. Morris Diamant and Joe Klein negotiated this transaction.
• A new mortgage in the amount of $4,725,000 on two multifamily buildings totaling 29 units located on 67th Road in Flushing, NY. The loan features a rate of 3.00% and a 10-year term. Joe Taub negotiated this transaction.
• A new mortgage of $3,500,000 was placed by Meridian on a 74-unit, 13-story cooperative building located on West 23rd Street in New York, NY. The loan features a rate of 3.38% and a 10-year term. Ami Levin negotiated this transaction.
•••
GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $14,450,000 for the following properties:
• $5,200,000 for 2 six-story elevator apartment buildings containing a total of 79 units, located in the Bronx, New York. Paul Greenbaum arranged the financing.
• $3,300,000 for a package of 4 mixed-use buildings containing a total of 16 units and 10,000 square feet of commercial space, Kew Gardens, Queens, New York. Matthew Classi, arranged the financing.
• $2,100,000 for a five-story apartment building containing 14 apartments and 1 store, located on Amsterdam Avenue in Manhattan, New York. Adam Brostovski arranged the financing.
• $2,350,000 for a package of two apartment buildings containing a total of 10 apartments and 1 commercial space, located in Brooklyn, New York. Matthew Classi arranged the financing.
• $1,500,000 for a three-story apartment building containing 6 units, located on North Henry Street in Brooklyn, New York. Matthew Albano arranged the financing.
•••
Eastern Union announced the following transactions:
• A $4,000,000 first lien mortgage for the refinance of five multifamily properties with a total of 39 units in Bronx, NY. This transaction was arranged by David Metzger.
• A $1,700,000 first lien mortgage for the refinance of a 7 unit multifamily property on Scholes Street in Brooklyn, NY. This transaction was arranged by David Eisen.
• A $1,200,000 first lien mortgage for the refinance of a student housing property in Philadelphia, PA. This transaction was arranged by Moti Amsel and Michael Muller.
•••
Pergolis Swartz Associates Inc. announced the following transactions:
• Richard Pergolis negotiated permanent financing in the amount of $2,100,000 for a five story mixed us building located on Lexington Avenue in Manhattan.
• An $18,000,000 land loan was obtained by Barry Swartz for a 130,000 square foot development site on First Avenue in Manhattan.
• A permanent loan in the amount of $2,525,000 was arranged by Richard Pergolis for a four and five story mixed use property on Third Avenue in Manhattan.
•••
W Financial originated five new loans totaling $18,600,000. The loans were handled by David Heiden, Jarret Schochet and Marisa Rosen:
• A $900,000 first mortgage bridge loan secured by a free-and-clear mixed-use townhouse located on East 70th Street. This low loan-to-value bridge loan will help the developer meet a short-term capital requirement.
• $12,000,000 first mortgage bridge loan for the acquisition of a development site in Borough Park, Brooklyn. The site is located in a specialized sub-market where demand far exceeds supply, and it is expected that W’s loan will be repaid either upon the closing of a construction loan, or upon the sale of the now-entitled property to another developer.
• A $1,600,000 first mortgage bridge loan to restructure existing debt on an eight-unit, four-story mixed-use property in Fort Greene, Brooklyn. The building is nearly 100% occupied and it is expected that the borrower will refinance W’s loan with a conventional bank loan before the end of the loan term.
• A $1,100,000 first mortgage bridge loan for the acquisition of a four-story, eight-unit building on Dean Street in Brooklyn’s Boerum Hill neighborhood. The borrowers expect to make improvements and to increase the NOI and to eventually refinance with a bank at much higher loan proceeds.
• A $3,000,000, first mortgage bridge loan for the acquisition of a 6,500 s/f retail building situated on a 24,117 s/f lot on Broadway in the Inwood neighborhood of Upper Manhattan. The site will permit development of a 95,286 s/f mixed-use building. The borrower needed a bridge loan to be able to close quickly on the acquisition and plans to refinance W’s loan upon the closing of a construction loan.