CV Capital Funding announced the following transactions arranged by Anthony Iervolino:
• A $2,650,000 first mortgage refinance bridge loan on 4 property portfolio consisting of mixed use, retail and land in New Rochelle, NY.
• A $2,600,000 first mortgage refinance/ renovation bridge loan on a 44,679-sf office property in Farmington Hills, MI.
• A $12,300,000 first mortgage refinance/ acquisition bridge loan on a 200-car underground parking garage in Flushing, NY and a 30,261-sf office/industrial building in Long Island City, NY.
Emerald Creek Capital provided a $6,000,000 bridge loan in the town of East Hampton, NY on the South Shore of Long Island. The loan is secured by a three-story, 10,948 square foot commercial building currently occupied by a high-end retailer. Financing was originated by ECC vice president Matt Fantuzzi.
GCP Capital Group arranged mortgage financing in the aggregate amount of $51,510,000 for the following properties:
• $23,850,000+ for a five-story multifamily apartment building containing 110 units and 2,240 square feet of commercial space, located on Taaffe Place in Brooklyn, New York. Adam Brostovski, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $17,500,000 for a nine-story mixed-use loft building comprised of two luxury duplex apartment units, four office tenants and one ground floor retail unit, located on Fifth Avenue in Manhattan, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $4,250,000 for two adjacent multifamily apartment buildings containing a total of 12 units with 1 ground floor commercial unit, located in Newark, New Jersey. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $5,910,000+ for eight two-story multifamily apartment buildings containing a total of 33 units, located in Wantagh, Nassau County, New York. Matthew Albano, Managing Director of GCP Capital Group, arranged the financing for this transaction.
Greystone provided $8,005,000 in total Fannie Mae small loans to refinance a portfolio of multifamily properties in Philadelphia, Penn. The loans were originated by Anthony Cristi of Greystone’s New York office on behalf of La Gioconda Company, a family-owned multifamily property investment firm based in Philadelphia. The Fannie Mae financing was secured for a total of 10 workforce housing properties totaling 88 units. All properties received fully amortizing Hybrid 7-year adjustable rate mortgages.
Meridian Capital announced the following transactions:
• A new mortgage of $9,325,000 on a multifamily property totaling eight units located on Johnson Avenue in Brooklyn, NY. The loan features a rate of 3.50% and a five-year term. This transaction was negotiated by Judah Hammer.
• A new mortgage in the amount of $5,000,000 on a 20-unit multifamily property located on Bathgate Avenue in the Bronx, NY. The loan features a rate of 3.35% and a five-year term. Michael Kesselman and Ilya Lurye negotiated this transaction.
• A new mortgage of $4,800,000 was placed by Meridian on a multifamily property totaling five units located on Powers Street in Brooklyn, NY. The loan features a rate of 3.60% and a seven-year term. This transaction was negotiated by Eli Serebrowski and Jacob Schmuckler.
• A new mortgage in the amount of $4,000,000 on a 31-unit cooperative property located on Washington Square West in New York, NY. The loan features a rate of 3.45% and a 10-year term. Avi Geller and Nicoletta M. Pagnotta negotiated this transaction.
• A new mortgage in the amount of $2,500,000 on a retail property located on Route 22 in Plainfield, NJ. The loan features a rate of 3.52% and a 10-year term. Shamir Seidman and Jared Kaufman negotiated this transaction.
W Financial has provided the following bridge loans which were handled by Jarret Schochet, David Heiden, Andrew Singer and TJ Randall:
• A $5,750,000 bridge loan secured by several contiguous mixed-use properties located on Halsey Street in Newark, New Jersey. W was able to analyze, structure and close the loan expeditiously as the borrower required liquidity to buy out a partner on the deal. The borrower plans to refinance in the near future as the property is cash-flowing.
• A $3,500,000 first mortgage bridge loan secured by a mixed-use development site in an area known as Research Triangle Park in Durham, North Carolina. The borrower plans to refinance the W Financial bridge loan with construction financing, once he has obtained final site plan approval.
• A $3,000,000 first mortgage on several cash-flowing co-op units located on Central Park West on the Upper West Side of Manhattan as well as by other co-op units located in Queens. The borrower needed the loan for another real estate investment and plans to refinance the W Financial loan upon the sale of units.
• A $4,250,000 first mortgage on a package of sponsor-owned condominium units in a mixed-use building located on 57th Street in the Sunset Park neighborhood of Brooklyn. The borrower was in default and had to pay off his current lender expeditiously. He brought fresh equity to the table in order to get the deal closed.