Meridian Capital announced the following transactions:
• A new mortgage in the amount of $6,300,000 on a five-building, 55-unit cooperative property located on Lexington Avenue in New York, NY. The loan features a rate of 3.625% and a 10-year term. Steve Geller and Avi Geller negotiated this transaction.
• A new mortgage of $6,100,000 was placed on a 62-unit multifamily property located on West Sixth Street in Brooklyn, NY. The loan features a rate of 3.375% and a five-year term. This transaction was negotiated by Avi Weinstock and Chaim Tessler.
• A new mortgage in the amount of $4,500,000 on a 67-unit cooperative property located on Central Park West in New York, NY. The loan features a rate of 3.625% and a 10-year term. Steve Geller and Avi Geller negotiated this transaction.
• A new mortgage of $3,800,000 was placed by Meridian on a four-unit multifamily property located on Bedford Avenue in Brooklyn, NY. The loan features an initial rate of 3.625% and a five-year term. This transaction was negotiated by Charles Grussgott and Michael Helmreich.
• A new mortgage in the amount of $2,500,000 on an eight-unit multifamily property located on Rogers Avenue in Brooklyn, NY. The loan features an initial rate of 3.375% and a five-year term. Michael Farkovits negotiated this transaction.
• A new mortgage of $1,300,000 was placed on an eight-unit multifamily property located on Stanhope Street in Brooklyn, NY. The loan features an initial rate of 3.50% and a five-year term. This transaction was negotiated by Michael Homapour and Brian Flax.
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Emerald Creek Capital provided a $9,250,000 acquisition loan in the South Beach neighborhood of Miami Beach, FL. The subject property is a newly renovated apartment building with 19,072 s/f of net rentable area. The loan was originated by ECC Managing Director Mike Cleaver and arranged by Marcus & Millichap.
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Progress Capital’s Brad Domenico arranged financing for the acquisition of existing commercial structures and approved development project in Long Branch, NJ. Domenico negotiate a $9,000,000 construction to permanent mortgage loan with 24 months interest-only at a floating rate of LIBOR + 3.5%. The borrower will have the option to convert the loan to a permanent mortgage upon stabilization. The permanent loan will be accompanied by a rate of 5 Yr. FHLBNY + 225 BPS, 10 Year Term, 30 year amortization and declining prepay schedule. The project invovles the construction of a 5-story, 46-unit multifamily building, known as The Transit Village, to be added to the existing single-story commercial retail asset at 231 Third Avenue. Construction of the multifamily building is slated to be completed by the end of 2019.
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Eastern Union Funding announced the following transactions:
• A $16,030,000 first lien mortgage for the acquisition of a 384-unit multifamily on Riverdale Rd in College Park, GA. This transaction was arranged by Marc Belsky and Ira Zlotowitz.
• A $15,875,000 first lien mortgage for the refinance of a 150-unit mixed-use on N Easton Rd in Glenside, PA. This transaction was arranged by Nate Hyman and David Metzger.
• A $7,200,000 first lien mortgage for the refinance of an 83-unit mixed-use on Washington Ln in Jenkintown, PA. This transaction was arranged by David Metzger and Nate Hyman.
• A $7,000,000 first lien mortgage for the refinance of an industrial on 34th Ave in Astoria, NY. This transaction was arranged by Ira Zlotowitz.
• A $9,884,000 first lien mortgage for the acquisition of a 31,830 SF mixed-use property on Adam Clayton Powell Jr Blvd in New York, NY. This transaction was arranged by Meir Kessner and Ira Zlotowitz.
• A $1,300,000 first lien mortgage for the refinance of a 20-unit mixed-use on Cornell Ave in Yonkers, NY. This transaction was arranged by Abraham Bergman and Eli Schwartz.
• A $1,225,000 first lien mortgage for the refinance of a 6-unit mixed-use on E St SE in Washington, DC. This transaction was arranged by Marc Tropp and David Merkin.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $55,700,000 for the following properties:
• $25,100,000 combined financing for two multifamily apartment buildings containing a total of 160 units and 2 ground floor commercial units, located in the Fieldston and North Riverdale neighborhoods of the Bronx, New York. Stephen Katz, Managing Director of GCP Capital Group, arranged the financing for these transactions.
• $11,000,000 for an eight-story multifamily apartment building containing 115 apartments, located in the Highbridge section of the Bronx, New York. Alan Perlmutter, Managing Member, arranged the financing for this transaction.
• $7,250,000 for a six-story multifamily apartment building containing 59 units, located in the Concourse section of the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
• $7,050,000 for a two-story multifamily apartment building containing 51 units, located in Levittown, Nassau County, New York. Matthew Albano, Managing Director, arranged the financing for this transaction.
• $5,300,000 for a 30,000 square foot, four-story mixed-use building containing 24 apartments and 6 commercial units, located in Mount Vernon, New York. David Sessa, Managing Director of GCP Capital Group, arranged the financing for this transaction.
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