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Deals & Dealmakers

TRANSACTIONS: GCP Capital Group places $76,280,000 in mortgages

Eastern Union Funding announced the following transactions:

• A $700,000 first lien mortgage for the refinance of a 2-unit multifamily property in Jersey City, NJ. This transaction was arranged by Motti Blau, Mendy Pfeifer, Dov Bakon.

• A $9,500,000 first lien mortgage for the refinance of a 10-unit mixed-use property in Brooklyn, NY. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

• A $22,500,000 first lien mortgage for the acquisition of a multifamily property in Brooklyn, NY. This transaction was arranged by David Eisen and Chaim Greenfeld.

• A $2,400,000 first lien mortgage for the refinance of a 16-unit multifamily property in New York, NY. This transaction was arranged by Meir Kessner.

• A $11,100,000 first lien mortgage for the acquisition of a 473-unit multifamily property in Detroit, MI. This transaction was arranged by Ira Zlotowitz and Michael Wyne.

• A $5,500,000 first lien mortgage for the refinance of a retail property in Brooklyn, NY. This transaction was arranged by Abraham Bergman.

• A $1,525,000 first lien mortgage for the refinance of a 6-unit multifamily property in Jersey City, NJ. This transaction was arranged by Motti Blau and Mendy Pfeifer.

•••

GCP Capital Group arranged mortgage financing in the aggregate amount of $76,280,000 for the following properties:

• $33,000,000 for a three-story office building comprised of approx. 197,600 square feet, located in Suffern, New York. Paul Greenbaum arranged the financing for this transaction.

• $19,450,000 combined financing for 7 multifamily apartment buildings containing a total of 156 units and 5 commercial units, located throughout the Bronx, Queens and Manhattan. Matthew Classi arranged the financing for these transactions.

• $12,330,000 combined financing for two four-story multifamily apartment buildings containing a total of 82 units and 6 commercial units, located in the Homecrest and Kensington neighborhoods of Brooklyn, New York. Michael Charnowitz arranged the financing.

• $11,500,000 for a six-story multifamily apartment building containing 43 units, located on West 157th Street in Manhattan. Adam Brostovski arranged the financing for this transaction.

•••

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

• An additional $6,000,000 bridge loan (on top of an existing $4,000,000 loan) which is collateralized by a 79-acre parcel of land within a planned, mixed-use campus with uses that includes medical uses, assisted living and a data center in Totowa, New Jersey. The borrower required a fast closing in order to be able to purchase another property at auction. The borrower plans to repay the W Financial loan, which combined with our initial $4 million loan, totals $10 million, with the sale of two of the parcels which are under contract.

• A $3,750,000 bridge loan collateralized by a mixed-use property located on Lexington Avenue, between 78th and 79th Streets on Manhattan’s Upper East Side. The borrower plans to divide the duplex unit into two units to conform with the certificate of occupancy. The borrower then plans to lease up the additional residential unit. He also has an executed commercial lease for the retail space. Once the tenants are in place and the property is fully cash-flowing, he plans to refinance W Financial’s bridge loan with a conventional bank loan.

• A $2,220,000 bridge loan collateralized by a commercial property located on North 7th Street in the Williamsburg neighborhood of Brooklyn. The borrower required a bridge loan to facilitate the acquisition of the property. He already operates a restaurant nearby and was seeking to move the business to a larger location. The borrower plans to refinance W Financial’s loan with a conventional loan once the new location is fully built-out, operational and cash-flowing.

•••

Dansker Capital Group at Marcus & Millichap announced the following transactions:

• A $8,169,000 refinance was arranged for a 7-building portfolio in the Bushwick neighborhood of Brooklyn. The financing was arranged by Andy Weiss and Andrew Dansker.

• A $1,725,000 acquisition loan was arranged for a 3,672 SF retail condo in Long Island City. The unit occupies the entire lower-level of a luxury residential condominium that was constructed in 2015. The financing was arranged by Andrew Marcus and Andrew Dansker.

• A $1,550,000 refinance was arranged for a 4,500 SF multifamily property located in the Crown Heights neighborhood of Brooklyn, New York. The financing was arranged by Andy Weiss and Andrew Dansker.

• A $1,564,000 acquisition loan was arranged for an 18-unit multifamily property located in Lighthouse Point, Florida. The financing was arranged by Andrew Dansker.

•••

Houlihan-Parnes Properties announced the following transactions:

• Jeremiah A. Houlihan and James K. Coleman arranged acquisition first mortgage financing in the amount of $750,000 for a vacant 6-family house to be gut-renovated with on-site parking and two industrial garages located at 51-55 Purdy Avenue in Port Chester, NY. Also part of the financing package was a construction loan of $350,000 to complete the renovation of the property. Located in the Opportunity Zone Area near downtown Port Chester at the corner of Purdy Ave and Townsend Ave, this renovation will contribute to the ongoing revitalization of the area. This purchase adds to the other properties in the area already purchased by this Investment Group. The financing package was placed with a NY Savings Bank for a 3-year term at a market interest rate which included an interest only factor.

• Jeremiah A. Houlihan and James K. Coleman arranged the refinancing of a first mortgage of $3,080,000 for a 3-story brick elevator 28,000 s/f medical office building with a ground-floor real estate office along with on-site parking lot for 60 cars located at 280 Mamaroneck Ave in downtown White Plains, NY. The building is 100% occupied and has undergone renovation. The first mortgage loan was placed with a NY Savings Bank for a 7-year term at an interest rate of 3.6% on a 30-year schedule with an option to renew for another 7 years.

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