Meridian Capital announced the following transactions:
• A new mortgage of $6,100,000 was placed on a four-story, 16-unit multifamily property located on Hudson Street in New York, NY. The loan features a rate of 3.00% and a five-year term. This transaction was negotiated by Carol Shelby and Dani Sabesan.
• New mortgages totaling $6,160,000 on three multifamily properties composed of 75 units located on 49th, 55th and 57th Streets in West New York, NJ. The loans feature rates of 3.25% and five-year terms. Morris Diamant and Tzvi Krieger negotiated these transactions.
• A new mortgage of $5,000,000 was placed on a six-story, 48-unit multifamily property located on 99th Street in Flushing, NY. The loan features a rate of 3.13% and a five-year term. This transaction was negotiated by Judah Hammer and Sam Shifer.
• A new mortgage in the amount of $4,500,000 on a four-story, 24-unit multifamily property located on Avenue D in Brooklyn, NY. The loan features a rate of 3.13% and a five-year term. Marvin Jeremias negotiated this transaction.
• A new mortgage of $4,475,000 was placed by Meridian on a four-story, 48-unit multifamily property on Lewis Avenue in Brooklyn, NY. The loan features a rate of 3.13% and a five-year term. This transaction was negotiated by Morris Diamant and Mark Brachfeld.
• A new mortgage in the amount of $1,475,000 on a 12-unit multifamily property located on Union Avenue in Amityville, NY. The loan features a rate of 3.13% and a five-year term. Carol Shelby and Dani Sabesan negotiated this transaction.
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Emerald Creek Capital, LLC provided 4 loans totaling $27,696,000 for the following transactions:
• A $15,800,000 acquisition loan in the Financial District of Manhattan. Situated on a 3,300 s/f lot, the site is improved with a 19,000 SF, six-story, mixed-use property. Falling within the Lower Manhattan Special District, the site allows for 49,000 SF of zoning floor area. The site is located in the heart of the Financial District, one block from the New York Stock Exchange. The loan was originated by Jeff Seidler.
• A $6,750,000 acquisition loan in the NoLIta neighborhood of Manhattan. The loan was secured by a 3,715 SF development site. Falling within the Little Italy Special District, the site allows for 24,000 SF of zoning floor area. The loan was originated by Jeff Seidler.
• A $2,646,000 acquisition loan in Wilmington, North Carolina. The loan was secured by a three-story, 28,000 s/f, 27-unit apartment complex and a 6,000 SF single story retail center. The loan was originated by Matt Fantuzzi.
• A $2,500,000 acquisition and renovation loan in the South Street Seaport District of Manhattan. The loan was secured by an existing 6,100 s/f landmark commercial building, with approvals for a conversion to a mixed use building containing four residential units and one commercial unit. The loan was originated by Mike Cleaver.
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Eastern Union Funding announced the following transactions:
• A $3,750,000 first lien mortgage for the Multi-Family of a 100 unit Refinance on Nostrand Ave in Brooklyn, NY. This transaction was arranged by Abraham Bergman.
• A $1,950,000 first lien mortgage for the Multi-Family of a 6 unit Refinance on Lincoln Rd in Brooklyn, NY. This transaction was arranged by Jeffrey Seidenfeld and Efraim Perlowitz.
• A $2,250,000 first lien mortgage for the Multi-Family of a 8 unit Refinance on Starr St in Brooklyn, NY. This transaction was arranged by Abe Kolman and Mendy Pfeifer.
• A $1,100,000 first lien mortgage for the Office Building of a 3 unit Refinance on W John St in Hicksville, NY. This transaction was arranged by Jonathan Singer and CJ Danziger.
• A $2,350,000 first lien mortgage for the Mixed-Use of a 1 unit Acquisition on Bedford Ave in Brooklyn, NY. This transaction was arranged by Alex Freund.
• A $1,600,000 first lien mortgage for the Multi-Family of a 14 unit Acquisition on Grand Ave in Bronx, NY. This transaction was arranged by Michael Muller.
• A $1,650,000 first lien mortgage for the Multi-Family of a 16 unit Acquisition on Schenectady Ave in Brooklyn, NY. This transaction was arranged by Motti Blau.
• A $1,702,500 first lien mortgage for the Multi-Family of a 47 unit Refinance on Brown Ave in Baltimore, MD. This transaction was arranged by Marc Tropp and David Merkin.
• A $3,500,000 first lien mortgage for the Mixed-Use of a 3 unit Refinance on Court St in Brooklyn, NY. This transaction was arranged by Michael Muller.
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Mission Capital Advisors’ Debt & Equity Finance Group has arranged $7.5 million of cash out mezzanine financing behind an existing $17 million securitized first mortgage on behalf of Excel Group in order to recapitalize two Hilton branded limited-service hotels in Sarasota, Florida. The Mission Capital team of Tom Hall, Steven Buchwald and Eugene Shevaldin represented the sponsor on an exclusive basis in the refinancing of $2 million of existing subordinate debt on a two-property, 236-key, limited-service hotel portfolio purchased in 2013 comprised of the Hilton Garden Inn Sarasota and Hampton Inn Sarasota. Excel Group is a Washington, D.C. based private equity firm that owns and asset manages branded, select service .
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Jaime M. Weiss of Weiss Realty has arranged $3,250,000 in financing for an affiliated entity which developed a 1,800 square foot Starbucks Coffee Company Drive-Thru Store and Bank of America Drive-up Kiosk at 2215 Route 4 East in Fort Lee, New Jersey.
The Starbucks and adjacent Bank of America Kiosk have a double drive-thru which provides direct access for its respective customers.
William J. Boylan, Sr. Vice President of Malvern Federal Savings Bank of Paoli, PA represented the Bank in this transaction. The borrower was represented by William Fiore of Meyner and Landis and Joseph J. Jankowsk of Wiletz, Goldman & Spitzer of Woodbridge, New Jersey was counsel to the lender.
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HKS Capital Partners announced the following recent transactions:
• $14 million refinance of a three-story commercial property in Great Neck, LI, with 80,000 sq. ft. medical office. The seven-year loan offers the first three being interest only. The rate is 3.50% with no fees and non-recourse. John Harrington negotiated this transaction.
• $12.375 million acquisition financing of two conjoined five-story multi-family properties in upper Manhattan comprised of 32 units, a five-story multi-family property comprised of 21 residential units, and a five-story multi-family property comprised of 25 residential units. This loan features a rate of 3.5% with a seven-year term (and a five-year option to renew) in which the first three-years are interest only and the remainder amortizes on a 30-year amortization schedule. Ayush Kapahi negotiated this transaction.
• $9.633 million bridge financing of a five-story, single-family townhouse on the Upper West Side. This loan features a 6% rate with a 12-month term. Michael Lee negotiated this transaction.
• $9.18 million acquisition financing of four contiguous five-story, mixed-use properties in upper Manhattan comprised of three commercial units and 56 residential units. This non-recourse loan features a rate of 3.5% with a 7-year term based on a 30-year amortization schedule. Ayush Kapahi negotiated this transaction.
• $8.99 million acquisition financing of a four-story multi-family townhouse on the Upper West Side, comprised of eight vacant residential units that will be renovated into an 8,400 sq. ft. single family home. This 18 month loan has a six month extension option. It is non-recourse with a rate of 425 over LIBOR. Raymond Salameh negotiated this transaction.
• $7.9 million permanent financing of a multi-family property in the Bronx, comprised of 109 units. This non-recourse loan features a 3% rate (two-years interest only) with a five-year term and a five-year option to renew. Jay Stern negotiated this transaction.
• $7 million construction of a multi-family property in Brooklyn. This interest only, two-year loan was priced at 300 over LIBOR. John Harrington negotiated this transaction.
• $6.5 million refinance of a two-story commercial property with 28 units in Elmhurst, Queens. This was a 12-month, interest only loan. John Sullivan negotiated this transaction.
• $5.8 million acquisition of 39 fractured co-op units in Forest Hills, Queens, out of a total of 161. This two year loan allowed for two extension options, with interest only payments at 3% over LIBOR. This is a non-recourse, no-fee loan. Ayush Kapahi negotiated this transaction.
• $5.3 million acquisition of six-story mixed-use building in Nolita, comprised of five residential units and one commercial unit. This five-year loan is full term interest only with a rate of 3.25% . The loan is non-recourse. Mike Lee negotiated this transaction.
• $5.25 million permanent financing of five contiguous three-story properties in Brooklyn, each comprised of one commercial unit and two residential units. This non-recourse loan features a 3.5% rate with a seven-year-term based on a 30-year amortization schedule. Ayush Kapahi negotiated this transaction.
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Pergolis Swartz Associates Inc. announced the following transactions:
• Richard Pergolis negotiated a permanent mortgage in the amount of $2,100,000 for a four story apartment building with 6 units and 1 store on St. James Place in Brooklyn.
• Barry Swartz obtained permanent financing in the amount of $2,000,000 for a five story apartment building with 16 units and 2 commercial spaces located on Orchard Street in Manhattan.
• Permanent financing in the amount of $5,000,000 was arranged by Barry Swartz for a five story walk up apartment building with 16 apartments and 2 stores on Second Avenue in Manhattan.
• Michael Volpe closed a permanent mortgage in the amount of $1,000,000 for a six family apartment building on Dekalb Avenue in Brooklyn.
• $6,000,000 in permanent financing was obtained by Barry Swartz for a five story apartment building with 12 units and 2 stores on Avenue B in Manhattan.
• Barry Swartz closed a permanent loan in the amount of $3,200,000 for a five story apartment building with 11 residential units on East 102nd Street in Manhattan.
• Richard Pergolis closed a $10,000,000 permanent loan for a 2 story commercial building on Jamaica Avenue in Queens.
• Michael Volpe arranged for permanent financing in the amount of $2,400,000 for a 12 unit apartment building on East 12th Street in Manhattan.
• Charles Yellen negotiated permanent financing in the amount of $1,200,000 for a two story commercial building on Jericho Turnpike in Floral Park.
• Len Solinsky obtained acquisition financing in the amount of $1,025,000 for three apartment buildings on Dean Street in Brooklyn.
