Meridian Capital announced the following transactions:
• A new mortgage in the amount of $8,300,000 on a five-building, 44-unit multifamily portfolio located on Convent Avenue in New York, NY. The loan features an initial rate of 3.625% and a five-year term. Michael Farkovits negotiated this transaction.
• A new mortgage of $7,000,000 was placed on a 20-unit multifamily property located on Hall Street in Brooklyn, NY. The loan features a rate of 3.62% and a seven-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.
• A new mortgage in the amount of $4,350,000 on a 48-unit multifamily property located on Decatur Avenue in the Bronx, NY. The loan features an initial rate of 3.375% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.
• A new mortgage of $2,300,000 was placed on a 19-unit multifamily property located on 83rd Street in Brooklyn, NY. The loan features an initial rate of 3.625% and a five-year term. This transaction was negotiated by Jacob Rochlitz and Joseph Akerman.
• A new mortgage in the amount of $2,000,000 on a 32-unit multifamily property located on Union Street in Brooklyn, NY. The loan features an initial rate of 3.625% and a five-year term. Jacob Rochlitz and Joseph Akerman negotiated this transaction.
• A new mortgage of $1,250,000 was placed on a six-unit multifamily property located on Gates Avenue in Brooklyn, NY. The loan features an initial rate of 3.625% and a five-year term. This transaction was negotiated by Jacob Rochlitz and Joseph Akerman.
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Hunt Mortgage Group utilized HUD’s 223(f) loan program to finance the acquisition and rehabilitation of two affordable multifamily properties located in New York. The total loan amount was $20.9 million. The borrower is Riverside Charitable Corporation (RCC). The properties include:
• Raymond Watkins Apartments. Raymond Watkins Apartments is a 112-unit age-restricted and affordable Section 8 subsidized multifamily property located at 57 Ballston Avenue in Saratoga Springs, New York. The loan term is 30 years. Hunt Mortgage Group provided a loan in the amount of $13.95 million to facilitate the acquisition and rehabilitation of this property.
• John Guy Prindle Apartments. Hunt Mortgage Group arranges a loan in the amount of $6.975 million to enable the acquisition and rehabilitation of John Guy Prindle Apartments. The property consists of a total of 112 age-restricted and affordable Section 8 subsidized multifamily units located at 80 East North Street, Ilion, New York. The loan term is 35 years.
The borrower was awarded tax exempt bond volume cap and an allocation of 4% Low Income Housing Tax Credits and will recapitalize both assets for the long term investment horizon with FHA insured financing.
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Brad Domenico of Progress Capital negotiated a 24-month interest-only loan in the amount of $8,250,000 for Madd Equities. The loan will be utilized to fund renovations to the former Apple Bank Building at 2526 Grand Concourse in the Bronx. Domenico was able to retire the existing debt on the property and provide sufficient capital to complete approved renovations. The 24-month interest-only period is accompanied by a floating rate at 1-month LIBOR + 3.50% with a floor of 4.75%. After the interest-only period, the loan will convert to a permanent mortgage with a 10 year term and 25 year amortization. Upon transition from the interest-only period the borrower will have three rate options with varied prepayment terms that will be decided at then current market rates.
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Eastern Union Funding announced the following transactions:
• A $7,000,000 first lien mortgage for the acquisition of a 27-unit multifamily on Valentine Ave in Bronx, NY. This transaction was arranged by Michael Muller.
• A $6,800,000 first lien mortgage for the refinance of a 49-unit multifamily on Van Cortlandt Park Ave in Yonkers, NY. This transaction was arranged by Abe Kolman.
• A $3,710,000 first lien mortgage for the refinance of a 12-unit flex space on Airport Rd in Lakewood, NJ. This transaction was arranged by Nate Hyman and David Metzger.
• A $3,500,000 first lien mortgage for the refinance of a 9-unit retail center on 17th St in Vero Beach, FL. This transaction was arranged by Isaac Sternhill.
• A $2,700,000 first lien mortgage for the refinance of an 8-unit multifamily on Allendale St in Jamaica, NY. This transaction was arranged by Alex Freund.
• A $2,400,000 first lien mortgage for the refinance of an 8-unit multifamily on St Johns Pl in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
• A $2,300,000 first lien mortgage for the refinance of an 8-unit mixed-use on Wilson Ave in Brooklyn, NY. This transaction was arranged by Nate Hyman and David Metzger.
• A $1,949,000 first lien mortgage for the acquisition of a 3-unit multifamily on Miller Ave in Brooklyn, NY. This transaction was arranged by Abraham Bergman and Yossi Orzel.
• A $1,725,000 first lien mortgage for the refinance of a 4-unit multifamily on 6th Ave in Brooklyn, NY. This transaction was arranged by Alex Freund.
• A $1,250,000 first lien mortgage for the refinance of a 15-unit multifamily on Fulton Ave in Hempstead, NY. This transaction was arranged by David Eisen and Josh Horowitz.
• A $1,000,000 first lien mortgage for the refinance of a 4-unit shopping center on Central Ave in East Orange, NJ. This transaction was arranged by Nate Hyman and David Metzger.
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GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $24,450,000 for the following properties:
• $6,000,000 for a six-story multifamily apartment building containing 72 units, located on West 8th Street in Brooklyn, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $5,800,000 for a six-story multifamily apartment building containing 44 units, located on Brevoort Street in Queens, New York. Alan Perlmutter, Managing Member, arranged the financing for this transaction.
• $5,400,000 for a four-story mixed-use building containing 42 units and 5,000 square feet of commercial space, located on Fulton Street in Brooklyn, New York. Michael Charnowitz, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
• $4,250,000 for a two-story commercial building comprised of approximately 20,000 square feet, located on Broadway in Manhattan, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
• $3,000,000 for a single-story retail strip center comprised of approximately 14,800 square feet, located on Ralph Avenue in Brooklyn, New York. George Spanos, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
