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Deals & Dealmakers

Transactions: Meridian arranges $10M Flushing mortgage, GCP gets $27M loans for NJ lofts

Meridian Capital announced the following transactions:

  • A new mortgage of $16,100,000 was placed on an office property totaling 171,000 square feet located on Spring Street in New Providence, NJ. The loan features a rate of 4.375% and a five-year term. This transaction was negotiated by Steven Adler and Simcha Schick.
  • A new mortgage in the amount of $10,200,000 on an 85-unit multifamily property located on Sanford Avenue in Flushing, NY. The loan features a rate of 4.375% and a five-year term. Joseph Taub and Eric Chapek negotiated this transaction.
  • A new mortgage of $5,600,000 was placed on an industrial property located on Walnut Avenue in the Bronx, NY. The loan features a rate of 4.25% and a five-year term. This transaction was negotiated by David Ganz and Eric Chapek.
  • A new mortgage in the amount of $5,100,000 on a 42-unit multifamily property located on Decatur Avenue in the Bronx, NY. The loan features a rate of 4.25% and a five-year term. David Bollag negotiated this transaction.
  • A new mortgage of $1,400,000 was placed on a multifamily property totaling 20 units located on Glebe Avenue in the Bronx, NY. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by Michael Kesselman and Kerry Brick.
  • A new mortgage in the amount of $1,125,000 on a five-unit multifamily property located on Riverdale Avenue in the Bronx, NY. The loan features a rate of 4.375% and a five-year term. Charles Grussgott and Michael Helmreich negotiated tHis transaction.

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Arbor Realty Trust funded a Freddie Mac SBL deal in Austin, TX. SOCO Flats, a 20-unit garden-style multifamily property, received $1,500,000 in acquisition financing through the Freddie Mac SBL program. The 5-year hybrid term comes with a 30-year amortization schedule. David Galst originated the loan.

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Eastern Union Funding announced the following transactions:

  • A $10,353,000 first lien mortgage for the acquisition of a 161-unit multifamily community in Woodlyn, PA. This transaction was arranged by David Metzger and Judah Aderet.
  • A $9,220,000 first lien mortgage for the refinance of a 120-unit multifamily property on W Mosher St in Baltimore, MD. This transaction was arranged by Marc Tropp.
  • A $5,430,000 first lien mortgage for the acquisition of a 49-unit multifamily property in Rahway, NJ. This transaction was arranged by David Metzger.
  • A $3,300,000 first lien mortgage for the refinance of a 9-unit mixed-use property on 30th Ave in Astoria, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
  • A $2,610,000 first lien mortgage for the acquisition of a 6-unit mixed-use property on Kimball St in Brooklyn, NY. This transaction was arranged by Isaac Weiss.
  • A $1,630,000 first lien mortgage for the refinance of a 20-unit multifamily property on E 7th St in Brooklyn, NY. This transaction was arranged by Jack Beida and Michael Muller.
  • A $1,410,000 first lien mortgage for the refinance of a 20-unit multifamily property on Headley Terrace in Irvington, NJ. This transaction was arranged by Chesky Gross.
  • $1,125,000 in first lien mortgages for the acquisition of two multifamily properties totaling 12-units in Rahway, NJ. This transaction was arranged by David Metzger.
  • A $1,075,000 first lien mortgage for the refinance of a 3-unit mixed-use property on Lorimer St in Brooklyn, NY. This transaction was arranged by Joseph Saul.
  • A $1,070,000 first lien mortgage for the refinance of a 17-unit multifamily property on Pinkney Road in Baltimore, MD. This transaction was arranged by Marc Tropp and Tzvi Greenwald.
  • $1,059,500 in first lien mortgages for the acquisition of two multifamily properties in Bronx, NY. This transaction was arranged by Abe Kolman.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $65,300,000 for the following properties:

  • $27,500,000 for two four-story and two three-story loft-style buildings containing a total of 229 apartments and 3 commercial units, located in Paterson, New Jersey. Adam Brostovski, Principal, arranged the financing
  • $24,900,000 for a five-building apartment complex containing a total of 254 units, located in Spring Valley. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing.
  • $11,250,000 for a six-story multifamily apartment building containing 83 units, located on Ocean Avenue in Brooklyn. Matthew Albano, Managing Director, arranged the financing for this transaction.
  • $1,650,000 for a three-story mixed-use building containing six apartments and one commercial unit, located on Grand Street in Brooklyn. Michael Charnowitz, Managing Director, arranged the financing.

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Leviathan Capital announced the following transactions:

  • A $20,000,000 construction loan in Westchester. The loan funded 80% of the total project cost and is structured as a non-recourse loan with a completion and interest guaranty. Andrew Schnissel negotiated the transaction
  • A $1,750,000 acquisition/bridge loan closing in Newark, New Jersey. The loan closed in 7 business days. Noele Kleemola and Joe Hach originated and negotiated the transaction
  • A $2,750,000 acquisition loan for a NNN Walgreens in Raleigh, North Carolina. The loan funded over 75% of the appraised value and is an interest only loan. Andrew Schnissel and Joe Hach originated and negotiated the transaction.
  • $900,000 acquisition loan for a partially vacant mixed-use building in Red Hook, Brooklyn. Despite the lack of cashflow, Leviathan procured a fixed-rate loan at an attractive rate for 5 years. Joe Hach negotiated the transaction.

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