Arbor Realty Trust, Inc. funded a Freddie Mac Small Balance Loan (SBL) in Marietta, GA. Balfour Marietta, a 98-unit multifamily property, received $6.4M in refinance funding through the transaction. The hybrid loan provides a five year, fixed-rate term. Robert Mendeles of Arbor’s Englewood Cliffs office originated the loan. Balfour Marietta represents a refinance of a previous bridge loan the customer used to purchase the property and upgrade the units.
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Cronheim Mortgage secured a $7,000,000 loan with a New Jersey bank for a self-storage facility in Nanuet, New York. The facility, comprised of 51,815 s/f, has 685 climate-controlled storage units. The property was built in 1980 as a retail property and converted to self-storage by DealPoint Merrill, after its acquisition in 2015. The facility is operated by CubeSmart.
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Houlihan Parnes announced that James J. Houlihan, Christie L. Houlihan and Bryan J. Houlihan secured the placement of a $3,500,000 first mortgage on Greenburgh Shopping Center, located at 77-97 Knollwood Road in Greenburgh, New York. The non-recourse loan is fixed for 5 years at 4.625%. The shopping center is anchored by an Acme supermarket, CVS Pharmacy and Bow Tie Cinemas. The loan, closed with a local bank, is pre-payable throughout the term on a declining scale and the borrower has an option to extend the loan for an additional five years. The borrower was represented by Christie L. Houlihan, Senior Director and Counsel of Houlihan-Parnes Realtors.
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Eastern Union Funding announced the following transactions:
• A $2,700,000 first lien mortgage for the refinance of a multifamily property in Brooklyn, NY. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.
• A $2,350,000 first lien mortgage for the refinance of a mixed-use property in Brooklyn, NY. This transaction was arranged by David Metzger, Moshe Feiner, Bernie Fried and Becky Friedler.
• A $2,300,000 first lien mortgage for the refinance of a multifamily property in Brooklyn, NY. This transaction was arranged by Michael Muller.
• A $2,300,000 first lien mortgage for the refinance of a multifamily property in Brooklyn, NY. This transaction was arranged by Meir Kessner and David Eisen.
• A $1,964,000 first lien mortgage for the acquisition of a multifamily property in Roselle, NJ. This transaction was arranged by Michael Muller.
• A $1,750,000 first lien mortgage for the refinance of a mixed-use property in Brooklyn, NY. This transaction was arranged by Michael Muller and Alex Jaffa.
• A $1,500,000 first lien mortgage for the refinance of a multifamily property in Brooklyn, NY. This transaction was arranged by Meir Kessner and David Eisen.
• A $1,200,000 first lien mortgage for the refinance of a mixed-use property in Brooklyn, NY. This transaction was arranged by Michael Muller and Jack Beida.
• A $1,160,000 first lien mortgage for the acquisition of a multifamily property in Roselle, NJ. This transaction was arranged by Michael Muller.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $49,137,500 for the following properties:
• $34,000,000 for a 32-story multifamily apartment building containing 250 units, located in Kew Gardens, Queens, New York. Alan Perlmutter, managing member, arranged the financing for this transaction.
• $6,700,000 for a newly developed six-story condominium building containing 45 units and approximately 3,700 s/f of commercial space, located in Jersey City, New Jersey. Paul Greenbaum, managing member, arranged the financing for this transaction.
• $4,500,000 for a six-story mixed-use building containing 10 luxury apartments and 2,000 s/f of ground floor commercial, located on Ninth Avenue in Manhattan, New York. David Sessa, managing director of GCP Capital Group, arranged the financing for this transaction.
• $3,937,500 for a one-story commercial building comprised of 25,000 square feet, located in the Hunts Point section of the Bronx, New York. Jack Fried, senior associate of GCP Capital Group, arranged the financing for this transaction.
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Greystone provided $7,075,000 in bridge financing for the acquisition of a 90-bed skilled nursing facility in Plainfield, Conn. Originated by Lisa M. Fischman, the loan is intended to be converted to permanent FHA-insured financing. Greystone provided the bridge loan to Curtis Rodowicz and Robert J. Darigan, for Colonial Health & Rehab, and is working on the permanent financing package for FHA, which will include a 35-year non-recourse loan at a low, fixed rate.
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Wilshire Quinn Capital, Inc., through the Wilshire Quinn Income Fund, has provided an $810,000 cash-out refinance loan on a multi-family property in Jersey City, New Jersey. The duplex is comprised of 2,498 s/f and is located in the Journal Square neighborhood. The property recently appraised for $1,350,000/
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Meridian placed a new mortgage of $6,800,000 was placed on a multifamily property totaling 51 units located on West 189th Street in New York, NY. The loan features a rate of 3.84% and a five-year term. This transaction was negotiated by Morris Diamant and Tzvi Krieger.
•A new mortgage in the amount of $4,500,000 on a six-unit multifamily property located on St Marks Place in New York, NY. The loan features a rate of 3.88% and a five-year term. Michael Homapour negotiated this transaction.
•A new mortgage of $3,675,000 on a multifamily property totaling 20 units located on West 151st Street in New York, NY. The loan features a rate of 3.99% and a five-year term. This transaction was negotiated by David Hayum.
•A new mortgage in the amount of $3,400,000 on a 34-unit multifamily property located on East 16thStreet in Brooklyn, NY. The loan features a rate of 3.80% and a five-year term. Morris Diamant negotiated this transaction.
•A new mortgage of $3,200,000 on a multifamily property totaling 51 units located on Florence Avenue in Westville, NY. The loan features a rate of 3.85% and a five-year term. This transaction was negotiated by Morris Diamant and David Liechtung.
•A new mortgage in the amount of $2,925,000 on a 20-unit multifamily property located on 29thStreet in Union City, NJ. The loan features a rate of 3.75% and a five-year term. Judah Hammer negotiated this transaction.
