Meridian announced the following transactions:
• A new mortgage of $1,300,000 on a five-story, 15-unit multifamily property located on East 70th Street in New York, NY. The loan features a rate of 2.95% and a five-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.
• A new mortgage totaling $33,200,000 on four multifamily properties composed of 351 units located on Queens Boulevard and 76th Road in Forest Hills, NY; West 251st Street in Riverdale, NY; and Gerard Avenue in the Bronx, NY. The loans feature rates of 3.13% and five-year terms. Michael Kesselman negotiated these transactions.
• A new mortgage of $13,250,000 on a five-story, 60-unit multifamily property located on Avenue A in New York, NY. The loan features a rate of 3.38% and a five-year term. This transaction was negotiated by David Hayum and Moe Rosenblum.
• A new mortgage in the amount of $6,000,000 on a four-story, 49-unit multifamily property located on Albany Avenue in Brooklyn, NY. The loan features a rate of 3.25% and a five-year term. Jacob Schmuckler and Sam Shifer negotiated this transaction.
• New mortgages totaling $5,500,000 on two five-story multifamily properties composed of 34 units located on St. Nicholas Avenue and West 159th Street in New York, NY. The loans feature rates of 3.13% and five-year terms. These transactions were negotiated by David Hayum and Moe Rosenblum.
• A new mortgage in the amount of $3,675,000 on a five-story, 32-unit multifamily property on West 174th Street in New York, NY. The loan features a rate of 3.13% and a five-year term. Chaim Tessler negotiated this transaction.
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Dev Morris and Andrew Stewart arranged permanent financing of $5 million for an industrial flex building located in New Providence, Union County, NJ. The loan was structured with a 10 year term and amortizes over a 15 year period for the borrower, RC-Central Ave. Associates, L.L.C. The loan was placed with American United Life Insurance Company, whom Cronheim represents as correspondent and servicing agent. The borrower recently signed a new long term lease to a credit tenant and wanted to refinance his existing debt early.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $81,480,000 for the following properties:
• $25,360,000 for a 46-building garden apartment portfolio containing a total of 375 apartments, located throughout Elizabeth, New Jersey. Adam Brostovski arranged the financing.
• $21,895,000 for a 10-building garden apartment portfolio containing a total of 199 apartments, located throughout Nassau County, New York. Matthew Albano arranged the financing.
• $19,500,000 for two apartment buildings containing a total of 77 apartments, located in the Brooklyn Heights section of New York. Paul Greenbaum arranged the financing.
• A $10,225,000 acquisition/construction loan for a vacant six-story building that will be gut renovated and converted into residential condominiums and commercial units, located on the Upper East Side of New York. Adam Brostovski arranged the financing for this transaction.
• $4,500,000 for a five-story office building comprised of 64,680 square feet, located in Staten Island, New York. Michael Charnowitz arranged the financing.
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HKS CAPITAL Partners LLC announced the following transactions:
• A $50 million permanent financing of two downtown Manhattan properties; a nine-unit commercial property and a six-unit mixed-use property. The loan features a rate of 4.68% and a term of 20 years. Ayush Kapahi negotiated this transaction.
• A $3.8 million permanent financing of a commercial property in downtown, Brooklyn. The loan features a rate of 3.367% and a term of five years. Michael Lee negotiated this transaction.
• A $3.3 million permanent financing of a commercial property comprised of nine units in Gowanus, Brooklyn. The loan features a rate of 4.35% and a term of 10 years. Rex Grasso negotiated this transaction
• A $1.45 million permanent financing of two adjacent commercial properties in Middle Village, Queens. The loan features a rate of 4.75% and a term of 15 years. John Sullivan negotiated this transaction.
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Jerry Houlihan of Houlihan-Parnes Realtors LLC has arranged a $750,000 first mortgage on the mixed-use property located at 925-939 Yonkers Avenue, Yonkers, NY. The half-acre property, located across from Empire City/Yonkers Raceway, includes the Clairmont Diner, an automotive center and retail store, as well as three 2nd floor apartments. The loan is fixed for the first 5 years at 5.25% and fixes again for a second five years with a right to prepay during each 5-year period on a declining scale. The local bank charged a 1 percent origination fee and the loan is on a 20-year amortization schedule.
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Eastern Union arranged the following transactions:
• A $2,310,000 loan to the refinance of an 8-unit multifamily property on in Brooklyn, NY. This transaction was negotiated by Nate Hyman and David Metzger.
• A $4,600,000 loan to refinance a 31-unit multifamily property on 11th Street NW in Washington, DC. This transaction was negotiated by Marc Tropp and Michael Obadia.
• An $11,400,000 purchase money mortgage for the acquisition of a 131,259 square foot office building on Boush Street in Norfolk, VA. This transaction was negotiated by Marc Tropp and David Merkin.
• A $1,250,000 loan to refinance a six-unit multifamily property in Brooklyn. This transaction was negotiated by Nate Hyman and David Metzger.
• A $1,860,000 purchase money mortgage for the acquisition of a mixed-use property, consisting of 5 residential units and 3,320 square feet of retail space, in Brooklyn. This transaction was negotiated by David Metzger and Nate Hyman.
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Jeanne Cronin of Q10 | New York Realty Advisors announced the closing of a first mortgage loan in the amount of $4,500,000 secured by a 6-story elevator apartment building located on Bay Ridge Parkway in Brooklyn, NY. The non-recourse loan was written for a 12-year term based on a 30-year amortization schedule. The interest rate was fixed at 3.625% for years 1-7 and will be reset in year 8 for the last 5-years of the loan term. The loan was a PAR loan.
