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Deals & Dealmakers

TRANSACTIONS: GCP Capital Group LLC, arranges financing in the aggregate amount of $64,170,000

Eastern Union Funding has announced the following transactions:

A $8,500,000 first lien mortgage for the acquisition of a 225-unit multifamily property in Birmingham, AL.This transaction was arranged by Jeffrey Seidenfeld.

A $8,125,000 first lien mortgage for the acquisition of a single unit healthcare property in Miami, FL. This transaction was arranged by Abraham Bergman and Phil Krispin.

A $5,375,000 first lien mortgage for the refinance of a 10-unit multifamily property in Brooklyn. This transaction was arranged by Jay Tyberg.

A $4,892,000 first lien mortgage for the refinance of a 20-unit multifamily property in Bronx. This transaction was arranged by Abraham Bergman and Michael Muller.

A $3,744,000 first lien mortgage for the refinance of a 12-unit multifamily property in The Bronx. This transaction was arranged by Abraham Bergman and Michael Muller.

A $2,900,000 first lien mortgage for the refinance of a 28-unit multifamily property in Philadelphia, PA. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

A $2,498,000 first lien mortgage for the acquisition of a single unit shopping center in Brooklyn. This transaction was arranged by Motti Blau and Mendy Pfeifer.

A $1,200,000 first lien mortgage for the refinance of a 6-unit multifamily property in Brooklyn. This transaction was arranged by Chaim Greenfeld.

A $1,162 500 first lien mortgage for the acquisition of a 34-unit multifamily property in Darby, PA. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

A $1,050,000 first lien mortgage for the refinance of a 10-unit multifamily property in Neptune, NJ. This transaction was arranged by Abraham Bergman and Yossi Orzel.

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GCP Capital Group LLC, has arranged mortgage financing in the aggregate amount of $64,170,000 for the following properties:

$38,920,000 for a garden-style apartment complex containing 24 two-story buildings with a total of 338 units, located in Toms River, New Jersey. Adam Brostovski, managing member of GCP Capital Group, arranged the financing for this transaction.

$10,000,000 combined 10 year fixed rate financing for five single tenant, 7-11 retail stores located throughout Long Island containing a total of 14,000 s/f. Matthew Classi, managing member of GCP, arranged the financing for these transactions.

$8,250,000 for 27 commercial condominium units located in Norwalk, Connecticut. Paul Greenbaum, managing member of GCP, arranged the financing for this transaction.

$7,000,000 for four contiguous three-story mixed-use buildings containing a total of eight apartments and 6,900 s/f of commercial space, located on Marcy Avenue in Brooklyn. Matthew Albano, managing director of GCP, arranged the financing for this transaction.

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Lancewood Capital has provided a $2,500,000 bridge loan to finance the acquisition of a 22-unit mixed-use property in the Kew Gardens neighborhood of Queens. The borrower purchased the property in an off market transaction and needed to close within 30 days. Lancewood was able to close quickly at very competitive terms. This transaction was arranged by Justin Godner of Lancewood Capital.

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Time Equities Inc. (TEI), has announced the closing of eight loans totaling $55,050,000. Stuart Bruck, director of mortgage brokerage/funding at TEI, led the company in the following transactions:

A $9,300,000 construction loan which will be used to finance the ground up construction of a nine-story building with a ground floor retail unit and four luxury condominium apartments.The property is located on East Houston Street on the Lower East Side.

A $15,000,000 loan recently closed which refinanced the existing debt on six walk-up multi-family apartment buildings located in Harlem which allowed the borrower to re-capitalize a portion of his investments. The buildings contain 125 apartments all of which are rent stabilized. The rate for the first seven years was 3.7 percent fixed.

A $2,700,000 loan was used to refinance the existing debt on a four-story property located near the Bowery in Manhattan which is leased to a single non-credit tenant. The loan had a term of ten years and a four percent rate.

An underlying mortgage for an 8-unit cooperative apartment building located in the Williamsburg section of Brooklyn closed. The loan in the amount of $500,000 had a term of 10 years with the interest rate fixed at 3.6 percent..

A $6,000,000 loan closed on a retail leasehold comprised of two stores on Broadway in SoHo. The non-credit tenants both had long terms leases. The two stores in total have 5,600 s/t.

To, in part finance the acquisition of a residential student housing facility in Tennessee, an $8,300,000 loan recently closed. The loan closed with a term of ten years, payments of interest only based on 62.5 percent loan to value ratio and a rate of 3.41 percent fixed for the 10-year term. The facility constructed in 2017 has 288 beds.

A $5,000,000 loan closed to refinance a shopping center and allow the borrower to re-capitalize a portion of his investment. The loan was structured with a floating rate and a term of two years to allow further lease-up of the 85,000 s/f community shopping center located in Northern Florida.

An $8,250,000 first mortgage closed on a refinance of a 136,000 s/f office building located in Roanoke, Virginia. The tenants are businesses involved in banking, finance and the Government of Virginia. The loan was structured with payments of interest only for ten years with interest rate of 3.7 percent.

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