GCP Capital Group LLC has arranged mortgage financing on $44 million.
• $20,300,000 for a five-story mixed-use building containing 60 apartments and 4,550 square feet of commercial space, located on Avenue A in Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $9,595,000 for a five-story multifamily apartment building containing 28 units and 5 commercial units, located on West 148th Street in Manhattan, New York. Adam Brostovski, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $7,000,000 for an 18-story multifamily cooperative apartment building containing 183 units, located in the Midtown East neighborhood of Manhattan, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $6,850,000 for a two-story garden apartment complex containing six buildings with a total of 54 units, located in Brentwood, Suffolk County, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
Emerald Creek Capital provided a $6 million bridge loan.
• $6,000,000 bridge loan in the Woodside neighborhood of Queens, NY. The loan is secured by a newly constructed five-story mixed-use building with ground floor retail, second floor community space, and 10 residential units on the upper floors. Financing for the loan was originated by ECC Vice President Matt Fantuzzi.
GuardHill Financial announced the following transactions:
• A new mortgage in the amount of $2,996,000. The loan is an interest-only with a 75% loan-to-value. The borrower qualified with no tax returns.
• A new mortgage in the amount of $2,557,000. The loan has a 75% loan-to-value and the borrower qualified without tax returns.
• A new mortgage in the amount of $2,000,000 on a second home. The loan features a 30 year fixed rate. The borrower qualified with no tax returns.
• A new cash-out refinance mortgage in the amount of $1,000,000 on an investment property. The borrower qualified on the rental income of the subject property.
• A new mortgage in the amount of $1,014,000 on a new construction condo. The borrower qualified with no tax returns.
• A new mortgage in the amount of $4,150,000 for a refinance on a single-family property in Los Angeles.
• A new mortgage in the amount of $3,250,000 for a refinance on a townhouse in Manhattan
• A new mortgage in the amount of $3,000,000 for a cash-out refinance on a single-family property in Port Washington.
• A new mortgage in the amount of $2,520,000 for a cash-out refinance on a single-family property in Connecticut.
Hirshmark Capital, through an affiliate entity, announce $4.4 million bridge loan.
• A $4,400,000 bridge loan secured by a development site in the Flatbush neighborhood of Brooklyn. The subject property has 45,000 BSF and is a few blocks from the 2 and 5 trains. The borrower needed financing to close on a JV agreement with the current owner. This transaction was negotiated by Hirshmark’s Jake Soodek.
Houlihan-Parnes Realtors announces $8 million of financing.
• A $6,500,000 cash-out refinance of a 17,000 square foot office building with ground floor retail located on Fulton Street in Brooklyn. The loan was placed with a trusted capital source for a fixed interest rate priced at a spread of 175 bps over the 10-Year Swap Rate fixed for 10 years with full term interest only payments. Zeev Douek negotiated the transaction
• $1,400,000 financing for a walk-up apartment building located in Miami Beach negotiated by Zeev Douek. The building consists of a total of 12 units and offer a mix of Studios and 1-BR units. The loan was placed with a Miami-based bank and was non-recourse at 65% of the purchase price and a 1.25x DSCR. The interest rate for the loan was fixed at 200 bps over the 10-Year Swap Rate fixed for 10 years with a 30-year amortization schedule.
Meridian has arranged the following mortgages:
• A new mortgage in the amount of $6,500,000 on a 96-unit multifamily property located on Jerusalem Avenue in Hempstead, NY. The loan features a rate of 3.59% and a seven-year term. Cary E. Pollack negotiated this transaction.
• A new mortgage of $3,900,000 was placed on a multifamily property totaling 21 units located on Lexington Avenue in Jersey City, NJ. The loan features a rate of 3.63% and a 36-month term. This transaction was negotiated by Chaim Tessler and Asher Urbach.
• A new mortgage in the amount of $3,350,000 on a 32-unit multifamily property located on Newkirk Avenue in Brooklyn, NY. The loan features a rate of 3.63% and a five-year term. Carol Shelby and Eric Schleif negotiated this transaction.
• A new mortgage of $3,000,000 was placed on a retail property located on Avenue M in Brooklyn, NY. The loan features a rate of 3.60% and a five-year term. This transaction was negotiated by Steven Ribiat and Joseph Akerman.
• A new mortgage in the amount of $1,950,000 on an 85-unit cooperative property located on Central Avenue in Far Rockaway, NY. The loan features a rate of 3.50% and a 10-year term. Chaim Tessler and Asher Urbach 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 $3,240,000 revolving credit line secured by a portfolio of cooperative apartments located on Central Park West and West End Avenue on the Upper West Side, on East 83rd Street on the Upper East Side of Manhattan, as well as additional units located in Queens, NY. The borrower needed the credit facility in connection with another real estate investment and plans to repay the W Financial financing with sales proceeds of the units as they are sold.
• A $2,100,000 bridge loan secured by an office building located on 6th Avenue in Naples, Florida. The borrower required the loan proceeds for another investment and plans to refinance the W Financial loan with a construction loan once he finalizes his plans.
• A $750,000 loan to a long-term repeat borrower that is secured by a partial pledge of membership interests in the ownership of a recently built commercial building leased to a prominent art gallery located on West 24th Street, between Tenth and Eleventh Avenues, in the Chelsea neighborhood of Manhattan. The gallery building runs block-through from 24th to 23rd streets under the High Line. The borrower requested the bridge loan in connection with another investment and plans to repay the bridge loan from cash flow and sales proceeds from other investments.
• An $840,000 bridge loan secured by a medical office condominium unit in a 22-story, pre-war, mixed-use building located at Fifth Avenue and 86th Street, near Central Park on Manhattan’s Upper East Side. The unit is located on the ground floor of the building and can be accessed directly from the street, which is desirable for the intended use as a medical office. The borrower needed to close on the acquisition quickly and then plans to refinance W Financial’s loan with conventional financing once the business has moved in and is operating.