GCP Capital Group has arranged mortgage financing in the aggregate amount of $102,850,000 for the following properties:
• $57,500,000 for a 132,000 square foot, six-story luxury condominium building containing 134 units, located in College Point, New York. Matthew Albano, Managing Director of GCP Capital Group, arranged the financing for this transaction.
• $29,000,000 for a six-story mixed-use building containing 146 apartments and 158,250 square feet of commercial space, located in the Inwood section of Manhattan, New York. Stephen Katz, Managing Director of GCP Capital Group, arranged the financing for this transaction.
• $8,500,000 for two six-story multifamily apartment buildings containing a total of 55 units, located on Thompson Street in Manhattan, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $7,850,000 for a five-story multifamily apartment building containing 99 units, located in Jersey City, New Jersey. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
Houlihan Parnes Realtors LLC announced the following transactions:
• Ed Graf arranged 1st mortgage re-financing of a 3-unit apartment building, located at 29 Herkimer Street, Brooklyn, N.Y. The non-recourse loan of $950,000 was placed with a New York area lender for a 7-year term and 30-year amortization schedule. The interest rate of 4.65% is fixed for the 7-year term with a declining prepay option and the borrower has an additional 5-year option.
• Bryan Houlihan, Christie Houlihan and Rachel Greenspan placed a new first mortgage in the amount of $7,000,000 on a property located at 170 Hamilton Avenue, White Plains. The property is located steps away from Metro North Railroad station, the White Plains Courthouse and the retail/restaurant corridor along Mamaroneck Avenue. It is improved with a 61,097 s/f three story office and retail building with 15 tenants which is managed by GHP. The loan was placed with a local bank at a rate of 3.875% for 7 years on a 30-year amortization schedule. It features a renewal option and pre-pay schedule. The title was arranged by John Hughes of Great American Title Agency. The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP.
W Financial has provided the following bridge loan handled by Jarret Schochet, David Heiden, Andrew Singer and TJ Randall:
• An additional $3,500,000 loan secured by two adjacent walk-up buildings on East 44th Street near the United Nations in Turtle Bay. The highest and best use of the property is as a development site. When W closed its original loan on this property back in October 2013, there were still several tenants in place which delayed the borrower’s ability to commence the re-development. Over a period of time, buyout agreements were eventually negotiated with all tenants. W’s loan proceeds will be used to continue the pre-development process and demolition of the existing buildings. W’s total loan amount for this assemblage is $21,500,000. It is expected that once the project has been fully approved that W’s loan will be refinanced with a conventional construction loan.
• A $2,715,000 bridge loan secured by an eight-unit, multi-family building located on Bushwick Avenue between Putnam Avenue and Madison Street, in the Bushwick neighborhood in Brooklyn, NY. The building is partially occupied, and the borrower ran into an issue with an existing tenant, prompting the bank that previously held the loan to sell it to a private lender. W Financial refinanced the first mortgage and the borrower plans to refinance W’s bridge loan with a conventional lender once the issue with the tenant has been resolved.
• A $3,700,000 bridge loan collateralized by a garden-style rental community located on Northside Drive in Warner Robbins, Georgia. The borrower had acquisition financing lined up, but the lender backed out of the deal at the last minute. W Financial was able to close the loan very quickly so the borrower did not lose his deposit and was able to successfully acquire the property. W Financial expects to be repaid with an agency (Fannie Mae or Freddie Mac) loan.