GCP Capital Group has arranged mortgage financing in the aggregate amount of $43,520,000 for the following properties:
• $18,470,000 combined financing for a portfolio of five residential apartment buildings containing a total of 133 units, located throughout Nassau County, New York. Matthew Albano, managing director of GCP, arranged the financing for these transactions.
• $12,000,000 for a seven-story, multi-tenant office building comprised of 147,800 s/f, located in Norwalk, Connecticut. Paul Greenbaum, managing member of GCP, arranged the financing for this transaction.
• $7,450,000 for a six-story multifamily apartment building containing 47 units, located on West 172nd Street in Manhattan, New York. David Sessa, managing director of GCP, arranged the financing for this transaction.
• $5,600,000 for a five-story warehouse building comprised of 55,000 gross s/f, located in Yonkers, New York. James Hansen, senior associate of GCP, arranged the financing for this transaction.
Juniper Capital Group announced the following recent transactions:
• a $17 million acquisition loan for a 220-unit garden style apartment complex in South Carolina. The local investor/borrower plans to lightly upgrade the unit interiors with the 12-year loan at IO for five years received by an agency lender, FNMA. Nate Lowy negotiated this transaction.
• a $5.8 million refinance loan on a multifamily garden style apartment portfolio in Syracuse, New York. The borrower plans to use the money to purchase more real estate in the upstate city where the real estate market is improving. The agency lender has a long relationship with Juniper Capital. The loan is for 12 years at IO for three years. Nate Lowy negotiated this transaction.
• a $1.8 million refinance/cash out non-recourse loan with a 30-day close for a mixed-use development on Grand Street in lower Manhattan with three retail stores and eight residential units. Nate Lowy negotiated this transaction for the borrower who is a longtime investor and the lender, a local savings bank.
• a $1.6 million refinance/cash out 10-year loan at 3.2 percent on a 4,000 s/f townhouse in Park Slope, Brooklyn. Nate Lowy negotiated this transaction.
The following loans were arranged by Meridian:
• A new mortgage of $14,625,000 was placed by Meridian on a cooperative property totaling 134 units located on West 81st Street in New York. The loan features a rate of 2.99 percent and a 10-year term. This transaction was negotiated by Steve Geller and Nicoletta M. Pagnotta.
• Meridian placed a new mortgage in the amount of $11,155,000 on a 76-unit multifamily property located on Linden Boulevard in Brooklyn, NY. The loan features a rate of 3.30 percent and a seven-year term. Judah Hammer and Jared Kaufman negotiated this transaction.
• A new mortgage of 10,800,000 was placed by Meridian on a multifamily property totaling 83 units located on Parkside Avenue in Brooklyn, NY. The loan features a rate of 3.30 percent and a seven-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.
• Meridian placed a new mortgage in the amount of $8,500,000 on a 43-unit cooperative property located on Park Avenue in New York, NY. The loan features a rate of 3.43 percent and a 10-year term. Steve Geller and Dawn Conforti negotiated this transaction.
• A new mortgage of $5,000,000 was placed by Meridian on a multifamily property totaling 36 units located on Coney Island Avenue in Brooklyn, NY. The loan features a rate of 3.50 percent and a five-year term. This transaction was negotiated by Joseph Taub and Eric Chapek.
• Meridian placed a new mortgage in the amount of $3,700,000 on a 20-unit multifamily property located on Daly Avenue in the Bronx, NY. The loan features a rate of 3.38 percent and a five-year term. David Bollag negotiated this transaction.
New Jersey based commercial lender Procida Funding has announced a recent payoff of a $7,000,000 construction loan provided to The Mabie Group in December 2017 to develop a shopping center in Toms River, NJ.
The Shoppes at Hooper, located at 1922 Hooper Avenue, is now completed and over 70 percent leased. This is a two-story mixed-use building comprised of 60,000 s/f with ground-floor retail and executive suites on the second floor. Additionally, there are two shovel-ready pad sites available in the rear and front of the lot.
W Financial has provided the following bridge loans which were handled by Jarret Schochet, David Heiden, Andrew Singer and TJ Randall:
• W Financial provided a $400,000 acquisition loan for the purchase of an investment condominium unit located in a full-service, luxury building on East 69th Street at Third Avenue in the Lenox Hill neighborhood of Manhattan. The borrower needed to close expeditiously and was unable to obtain bank financing quickly enough.
• A $3,500,000 bridge loan collateralized by more than six acres of mountaintop property within an exclusive gated community on Spraddle Creek Road in Vail, Colorado. The borrower plans to utilize the loan proceeds for another investment property and plans to repay the W Financial loan with either a sale of the subject property or from proceeds obtained from the refinancing or sale of another one of his commercial properties.
• A $1,500,000 bridge loan collateralized by a service station and minimart with frontage on both Alps Road and French Hill Road in Wayne, New Jersey. The borrower was motivated to close the W loan expeditiously in order to consummate a new long-term lease with a multinational oil company and to facilitate the tenant taking occupancy as soon as possible. Once the build-out is complete, the borrower plans to refinance the W loan with conventional bank financing.
• An $8,700,000 bridge loan collateralized by two properties; one located on East 61st Street on Manhattan’s Upper East Side, and the other located in the Clinton Hill neighborhood of Brooklyn. The borrower was refinancing an existing loan and plans to repay W’s loan upon the sale of one of the collateral properties.