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Debt & Equity

Transactions: Eastern Union’s loan for Famous Dave’s branch, Emerald Creek’s $7.7M FL deal

Eastern Union Funding announced the following:

  • David Betesh arranged $3 million in acquisition financing, with Mercantil Commercebank, for Famous Capital, LLC’s purchase of 8210 NW 36th St., in Doral, Fla., in a sale-leaseback transaction. The 6,645-square-foot, single-tenant retail property is home to a Famous Dave’s barbecue restaurant.
  • A $3,400,000 first lien mortgage for the refinance of an 8-unit multifamily on Stagg St. in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Jonathan Singer.
  • A $3,350,000 first lien mortgage for the refinance of a 5-unit, 43,450-square-foot retail center on Goldrock Rd. in Rocky Mount, NC. This transaction was arranged by Jeffrey Seidenfeld.
  • A $2,925,000 first lien mortgage for the refinance of a 7-unit mixed-use on Myrtle Ave. in Brooklyn, NY. This transaction was arranged by David Eisen.
  • A $2,625,000 first lien mortgage for the refinance of a 6-unit multifamily on Summerfield St. in Ridgewood, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
  • A $1,700,000 first lien mortgage for the refinance of a 19-unit multifamily on Ocean Pkwy in Brooklyn, NY. This transaction was arranged by David Singer.
  • A $1,500,000 first lien mortgage for the refinance of a 44-unit multifamily on Cliffview Dr. in Riverside, MO. This transaction was arranged by Judah Aderet.
  • A $1,392,000 first lien mortgage for the refinance of a 14-unit multifamily on N Delaware Ave. in Yardley, PA. This transaction was arranged by Josh Horowitz and David Eisen.
  • A $1,300,000 first lien mortgage for the refinance of a 3-unit multifamily on Jefferson Ave. in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
  • A $995,000 first lien mortgage for the refinance of a 6-unit mixed-use on E 8th Street in Brooklyn, NY. This transaction was arranged by Jack Beida.
  • A $970,000 first lien mortgage for the refinance of a 4-unit multifamily on Clermont Ave. in Brooklyn, NY. This transaction was arranged by David Metzger, Nate Hyman.
  • A $795,000 first lien mortgage for the refinance of a 4-unit multifamily on Avenue D in Brooklyn, NY. This transaction was arranged by David Eisen.

•••

Emerald Creek Capital LLC provided 1 loan totaling $7,650,000 for the following transaction:

In September 2016, Emerald Creek Capital originated a $7,650,000 bridge loan in Miami Beach, FL. The subject property is a 27-unit, newly gut-renovated condominium building. Emerald Creek Capital provided the financing required by the borrower to refinance and renovate the property. The loan was originated by Mike Cleaver.

•••

GCP Capital Group LLC, has arranged mortgage financing in the aggregate amount of $27,455,000 for the following properties:

  • $8,500,000 for a six-story mixed-use building containing 25 apartments and 2,400 square feet of commercial space, located in the Lenox Hill section of Manhattan, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for this transaction.
  • $7,000,000 for a six-story apartment building containing 33 units and 1,470 square feet of ground floor commercial space, located on East 5th Street in Manhattan, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
  • $5,000,000 for a five-story apartment building containing 12 units and 2,660 square feet of ground floor commercial space, located on Second Avenue in Manhattan, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
  • $3,675,000 construction financing for the development of two contiguous, three unit, multifamily apartment buildings comprised of approx. 11,710 gross square feet, located in Long Island City, New York. Matthew Albano, Senior Broker of GCP Capital Group, arranged the financing for this transaction.
  • $3,280,000 for a five-story multifamily apartment building containing 19 units and 1 office, located on East 152nd Street in the Bronx, New York. Stephen Katz, Senior Associate of GCP Capital Group, arranged the financing for this transaction.

•••

Marcus & Millichap Capital Corporation announced the following transactions:

  • A $3,250,000 loan for the acquisition of a 14-unit multifamily building on 12th Street in Brooklyn,

New York. The transaction was arranged by Andrew Dansker, Gunnar Wilmot, and Ryan Hackett.

  • A $2,800,000 loan for the acquisition of 26-unit mixed-use property on Belmont Avenue in the

Bronx, New York. The transaction was arranged by Andrew Dansker.

  • A $2,600,000 loan for the refinance of a triple-net leased retail property on Enterprise Road in Orange City, Florida. The transaction was arranged by Andrew Dansker and Ryan Hackett.

•••

Meridian announced the following:

  • A new mortgage of $1,600,000 was placed by Meridian on a five-story, 29-unit multifamily property located on Ellery Street in Brooklyn, NY. The loan features a rate of 2.9 percent and a five-year term. This transaction was negotiated by Morris Diamant and David Liechtung.
  • Meridian negotiated a new mortgage in the amount of $34,000,000 on a six-story, 72-unit mixed-use property with 16,500 square feet of commercial space located on Myrtle Avenue in Brooklyn, NY. The loan features an initial rate of 3.25 percent and a 10-year term. Sam Shifer negotiated this transaction.
  • A new mortgage of $8,960,000 was placed by Meridian on a 20-unit multifamily property located on Herkimer Street in Brooklyn, NY. The loan features a rate of 3.125 percent and a five-year term. This transaction was negotiated by Brian Flax and Blake Orman.
  • Meridian negotiated a new mortgage in the amount of $5,000,000 on a seven-story, 113-unit multifamily property located on West 111th Street in New York, NY. The loan features a rate of 3.25 percent and an eight-year and six-month term. Morris Diamant and Joe Klein negotiated this transaction.
  • A new mortgage of $4,750,000 was placed by Meridian on a six-story, 54-unit multifamily property located on Ash Avenue in Queens, NY. The loan features a rate of 3.25 percent and a five-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.
  • Meridian negotiated a new mortgage in the amount of $2,200,000 on a seven-story, 18-unit multifamily property located on Pershing Crescent in Queens, NY. The loan features a rate of 2.99 percent and a five-year term. Judah Hammer and Michael Ryback negotiated this transaction.

•••

Emerald Creek Capital LLC provided 2 loans totaling $11,250,000 for the following transaction:

  • In September 2016, Emerald Creek Capital originated a $7,650,000 bridge loan in Miami Beach, FL. The subject property is a 27-unit, newly gut-renovated condominium building. Emerald Creek Capital provided the financing required by the borrower to refinance and renovate the property. The loan was originated by Mike Cleaver.
  • In September 2016, Emerald Creek Capital originated a $3,600,000 acquisition loan in Manhattan, NY. The subject property is a 2,609 square foot condominium unit located in a 44-story, luxury building in Midtown East. The loan was originated by Mike Cleaver and Matt Fantuzzi.
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