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Deals & Dealmakers

TRANSACTIONS: GCP Capital Group places $66,450,000 in aggregate financing

Dansker Realty Capital LLC provided an acquisition bridge loan of $1,050,000 for the purchase of a fully occupied mixed use property on 4th Avenue, in Greenwood Heights, Brooklyn. The property has seven residential, below market rental units over a retail store with a short-term lease. In order to protect the seller’s 1031 exchange, the buyer was compelled to close in a time frame that was too short for conventional financing. The transaction was arranged by Lowell Dansker, principal.

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Eastern Union Funding announced the following transactions:

• A $1,317,000 first lien mortgage for the refinance of a 8-unit multifamily property in Brooklyn, NY. This transaction was arranged by Chaim Greenfeld.

• A $2,700,000 first lien mortgage for the refinance of a 21-unit mixed-use property in New Britain, CT. This transaction was arranged by Moti Amsel.

• A $1,650,000 first lien mortgage for the refinance of a single-unit industrial property in Newark, NJ. This transaction was arranged by Motti Blau, Chaim Lefkowitz, and Mendy Pfeifer.

• A $4,750,000 first lien mortgage for the refinance of a 6-unit multifamily property in Yonkers, NY. This transaction was arranged by Isaac Weiss.

• A $43,250,000 first lien mortgage for the refinance of a 103-unit mixed-use property in Astoria, NY. This transaction was arranged by Abe Kolman.

• A $9,204,000 first lien mortgage for the refinance of a 41-unit multifamily property in Lakewood, NJ. This transaction was arranged by Isaac Sternhill.

• A $783,000 first lien mortgage for the refinance of a single-unit single family property in Suffern, NY. This transaction was arranged by Motti Blau, Hershy Fried and Mendy Pfeifer.

• A $4,000,000 first lien mortgage for the refinance of an 80-unit multifamily property in Waterbury, CT. This transaction was arranged by Motti Blau, Hershy Fried and Mendy Pfeifer.

• A $500,000 first lien mortgage for the refinance of a single-unit condo in Brooklyn, NY. This transaction was arranged by Isaac Weiss.

• A $255,000 first lien mortgage for the refinance of a single family property in Suffern, NY. This transaction was arranged by Motti Blau, Hershy Fried and Mendy Pfeifer.

• A $235,000 first lien mortgage for the refinance of a single family property in Suffern, NY. This transaction was arranged by Motti Blau, Hershy Fried and Mendy Pfeifer.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $66,450,000 for the following properties:

• $25,000,000 for a five-story multifamily apartment building containing 80 units and 2 stores, located in Long Island City. Adam Brostovski, Managing Member of GCP Capital Group, arranged the financing for this transaction.

• $18,000,000 for a nine-story multifamily apartment building containing 21 units and 2 commercial units, located on East 81st Street in Manhattan, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.

• $14,000,000 for a six-story multifamily apartment building comprised of 29,460 square feet, located on Audubon Avenue in Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.

• $9,450,000 for a six-story mixed-use building containing 54 apartments and 5 commercial units, located on West 129th Street in Manhattan. Michael Charnowitz, Managing Director of GCP Capital Group, arranged the financing for this transaction.

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W Financial has provided the following bridge loans which were handled by Jarret Schochet, David Heiden, Andrew Singer and TJ Randall:

• An $800,000 bridge loan secured by a mixed-use property located on Main Street in Greenport, on Long Island’s North Fork. The borrower has been investing in property improvements and is expecting to receive his TCO shortly. The borrower already has signed a commercial lease with a tenant for the Main Street retail space. Once he has received the TCO, the borrower will then be able to lease up the residential units. Once all the units are rented, he will then be able to refinance W Financial’s bridge with a conventional loan.

• A $17,250,000 bridge loan secured by a newly-constructed, mixed-use property located in the Williamsburg section of Brooklyn. The borrower needed a bridge loan to refinance his maturing construction loan. The borrower is working to stabilize the property by leasing the vacant units and then plans to repay the W Financial loan by refinancing with a conventional lender.

• A $29,250,000 first mortgage bridge loan secured by a 16-story, neo-renaissance style condominium hotel property centrally located in the Gold Coast area of Chicago, two blocks west of the lakefront. The borrower has already acquired more than 75% of the condominium units, which is the percentage threshold required to de-convert the building from condominium ownership to fee simple ownership. The borrower plans to purchase the remaining condominium units in order to de-convert the entire property back to hotel use. The borrower plans to repay the W Financial loan with the sale of the property.

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