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Debt & Equity

TRANSACTIONS: GCP arranges $63M in mortgage financing; Leviathan Capital sends $6M to Bowery development

GCP Capital Group arranged mortgage financing in the aggregate amount of $63,950,000 for the following properties:
• $40,000,000 for five multifamily apartment buildings containing a total of 296 units and approximately 35,500 s/f of commercial space, located in the Inwood neighborhood of Manhattan. Paul Greenbaum, Managing Member, arranged the financing for this transaction.
• $13,200,000 construction financing for the development of an eight-story condominium complex containing 22 units, located in the East Village, New York. Matthew Albano, Managing Director, arranged the financing.
• $7,500,000 for a six-story multifamily apartment building containing 48 units, located in the Washington Heights neighborhood of Manhattan, New York. Stephen Katz, Managing Director, arranged the financing.
• $3,250,000 for the acquisition of three continuous commercial properties comprised of 13,860 total square feet, located in New Hyde Park, Nassau County, New York. George Spanos, Senior Associate, arranged the financing for this transaction.
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Cronheim Mortgage arranged financing totaling $9.62 million for Golden Gate Shopping Center located in Greensboro, North Carolina. Golden Gate Shopping Center is a 151,371 s/f grocery anchored shopping center on approximately 11.5 acres of land. Built in 1962 and 1987, renovated in 2001, and subsequently improved in 2014, the property is anchored by Food Lion, a subsidiary of Ahold Delhaize, a world-leading food retailer. The property was 100 percent occupied at time of closing. The loan was structured with a 10-year term with two years of interest-only and a subsequent amortization over a 30-year period for the borrower, an entity managed by The Bedrin Organization.
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Eastern Union Funding announced the following transactions:
• An $18,200,000 first lien mortgage for the refinance of a 101-unit multifamily on Warburton Ave in Yonkers, NY. This transaction was arranged by Michael Muller.
• A $16,600,000 first lien mortgage for the refinance of a 61-unit multifamily on Grand Ave in Brooklyn, NY. This transaction was arranged by Meir Kessner.
• A $16,300,000 first lien mortgage for the refinance of a 37-unit multifamily on Charles Pl in Brooklyn, NY. This transaction was arranged by David Eisen.
• A $6,960,000 first lien mortgage for the acquisition of a 90-unit multifamily on Heritage Hills Dr in Tampa, FL. This transaction was arranged by David Metzger and Nate Hyman.
• A $5,900,000 first lien mortgage for the refinance of a 82-unit multifamily on N 66th St in Philadelphia, PA. This transaction was arranged by Nate Hyman and David Metzger.
• A $5,391,000 first lien mortgage for the refinance of a 12-unit multifamily on E 18th St in Brooklyn, NY. This transaction was arranged by Alex Freund.
• A $3,115,000 first lien mortgage for the refinance of a 16-unit multifamily on Lafayette Ave in Brooklyn, NY. This transaction was arranged by David Metzger and Nate Hyman.
• A $2,640,000 first lien mortgage for the acquisition of a 29,120 s/f office building on Waters Edge Ln in Lombard, IL. This transaction was arranged by Michael Muller and Ira Zlotowitz.
• A $2,600,000 first lien mortgage for the acquisition of a 50,000 s/f industrial property on Trenton Lakewood Rd in Millstone Township, NJ. This transaction was arranged by David Metzger and Nate Hyman.
• A $2,400,000 first lien mortgage for the refinance of a 6-unit multifamily on Boerum St in Brooklyn, NY. This transaction was arranged by David Eisen.
• A $1,800,000 first lien mortgage for the refinance of a 16-unit multifamily on Brooklyn Ave in Brooklyn, NY. This transaction was arranged by Michael Muller.
• A $1,497,000 first lien mortgage for the refinance of an 11-unit mixed-use on Park Ave in East Orange, NJ. This transaction was arranged by David Metzger and Nate Hyman.
• A $1,460,000 first lien mortgage for the refinance of a 6-unit multifamily on Sterling Pl in Brooklyn, NY. This transaction was arranged by Michael Muller.
• A $1,445,000 first lien mortgage for the refinance of a multifamily on Bleecker St in Ridgewood, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
• A $1,225,000 first lien mortgage for the refinance of a 8-unit multifamily on Webster Ave in Bronx, NY. This transaction was arranged by Abraham Bergman and Yossi Orzel.
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Leviathan Capital announced the following transactions:
• The $1,200,000 refinance of a multifamily building in Crown Heights. The Loan featured a 30-year amortization. Noele Kleemola and Joe Hach negotiated the transaction.
• A $6,500,000 inventory loan on a 8-unit condominium building on Bowery. The loan featured a rate of 30-Day Libor + 6.750% and a 1.25% origination fee. The loan closed in 11 business days. Andrew Schnissel and Joe Hach negotiated the transaction.
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Marcus & Millichap Capital Corporation announced a $15,000,000 refinance for a 182,700 s/f office building in Southfield, Ohio. The financing was arranged by Andrew Dansker and Doug Brooks.
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Meridian Capital announced the following transactions:
• A new mortgage of $12,000,000 on a 51-unit multifamily property located on West 22nd Street in New York, NY. The loan features a rate of 4.19% and a 10-year term. Abe Hirsch and Zev Karpel negotiated this transaction.
• A new mortgage of $6,000,000 on a multifamily property totaling 108 units located on Kimberly Lane in Staten Island, NY. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by Alan Freidman and Eric Chapek.
• A new mortgage of $5,500,000 on a 43-unit multifamily property located on 34th Avenue in Flushing, NY. The loan features a rate of 4.25% and a five-year term. Joseph Taub and Eric Chapek negotiated this transaction.
• A new mortgage of $3,200,000 on a multifamily property totaling 32 units located on Park Boulevard in Cherry Hill, NJ. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by Jacob Schmuckler and Meir Schlusselberg.
• A new mortgage in the amount of $2,700,000 on a 48-unit multifamily property located on Bedford Avenue in Brooklyn, NY. The loan features a rate of 4.25% and a five-year term. Jacob Rochlitz and Morris Diamant negotiated this transaction.
• A new mortgage of $1,500,000 on a multifamily property totaling 16 units located on Ridgefield Avenue in Bogota, NJ. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by Joseph Taub and Eric Chapek.
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Uber Capital Group announced that Joel J. Gorjian sourced an $8.3 million non-recourse bank financing for the Home Depot site at the Severance Town Center, Cleveland Heights, Ohio, on behlaf of a private national commercial real estate investment group based in New York. Uber sourced the financing from a regional bank based in Ohio. The property is located at 3582–3622 Mayfield Road. The loan was secured at a fixed rate of 4.75% over the 12-year loan term.
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Washington Trust’s Commercial Real Estate Group provided $2.5 million to Sound Garrett Barkhamsted, LLC, for the refinancing of a 16,559 s/f retail property in Barkhamsted, Connecticut. Located at 390 New Hartford Road in Barkhamsted, the property includes two stand-alone retail tenants, Dollar General and O’Reilly Auto Parts.

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