Meridian Capital announced the following transactions:
• New mortgages totaling $19,500,000 were placed on two multifamily properties composed of 123 units located on Seaman Avenue in New York, NY. The loans feature rates of 3.00% and five-year terms. These transactions were negotiated by Morris Diamant and Tzvi Krieger.
• A new mortgage in the amount of $7,400,000 on a five-story, 20-unit multifamily property located on MacDougal Street in New York, NY. The loan features a rate of 3.29% and a seven-year term. Carol Shelby and Dani Sabesan negotiated this transaction.
• A new mortgage of $3,975,000 was placed on a five-story, 48-unit multifamily property located on Cauldwell Avenue in the Bronx, NY. The loan features a rate of 3.11% and a five-year term. This transaction was negotiated by Sidney Teichman.
• A new mortgage in the amount of $2,750,000 on a 53-unit multifamily property located on South Clinton Street in East Orange, NJ. The loan features a rate of 3.13% and a five-year term. Simon Rosenfeld and Jacob Salzberg negotiated this transaction.
• A new mortgage of $2,200,000 was placed on a five-story, 26-unit multifamily property located on Webster Avenue in the Bronx, NY. The loan features a rate of 3.00% and a five-year term. This transaction was negotiated by David Fisher and Gary Kassirer.
• A new mortgage in the amount of $1,500,000 on a six-story, 103-unit multifamily property located on Sherman Avenue in New York, NY. The loan features a rate of 3.04% and a four-year term. Cary E. Pollack negotiated this transaction
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GCP Capital Group LLC has arranged mortgage financing in the aggregate amount of $84,990,000 for the following properties:
• $64,500,000 for a portfolio of 7 multifamily apartment buildings containing a total of 360 apartments with 24,400 square feet of commercial space, located throughout Manhattan. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this portfolio.
• $8,890,000 for a portfolio of 4 multifamily apartment buildings containing a total of 103 apartments, located throughout the Bronx. Adam Brostovski arranged the financing for this portfolio.
• $4,600,000 for a seven-story apartment building containing 27 apartments, located on the Upper East Side of Manhattan. David Sessa, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
• $4,000,000 for a two-story commercial building comprised of 14,000 square feet, located on Coney Island Avenue in Brooklyn. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $3,000,000 for a four-story mixed-use building containing 12 apartments and approx. 3,300 square feet of commercial space, located on Third Avenue in Manhattan. Matthew Classi, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
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Houlihan-Parnes Properties placed a $1,000,000 underlying co-op first mortgage for 1506 Overing Street in the Bronx, NY. Located in the Westchester Square neighborhood of the East Bronx, the 5-story co-op building is situated at the northwest corner of Overing Street and Frisby Street. The property is a double-wing, walk-up apartment building containing 30 co-op apartments. The ten-year loan has a fixed rate of 4.125% with a 30-year amortization schedule. The loan was closed with a national bank with a strong regional presence. The Co-op was represented in the transaction by Alan Snider, Esq.
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National Cooperative Bank (NCB) originated $68 million in new loans during April for 24 New York area properties: Edward Howe III, managing director of the NCB New York office, originated $50 million in new loans during April, as well as the largest loan of the month, a $6 million first mortgage for a 146-unit co-op at 142 East 16th Street in Manhattan. Other financing activity included:
• A $5.3 million first mortgage and a $250,000 line of credit for Mendicino Green Apartment Corp., a 107-unit co-op at 1570 and 1600 Grand Avenue in North Baldwin, NY;
• A $5 million first mortgage for Bristol House, Inc., a 71-unit co-op at 10 Nosband Avenue in White Plains, NY;
• A $4.6 million first mortgage for a 344-unit co-op at 230 Garth Road in Scarsdale, NY;
• A $4 million first mortgage for Highland Terrace Housing Development Fund Corporation, a 96-unit co-op at 101 Highland Avenue in Yonkers, NY;
• A $4 million first mortgage and $500,000 line of credit for The Curtis Residence Ltd., a 108-unit co-op at 123-25 82nd Avenue in Kew Gardens, NY;
• A $4 million first mortgage for a 61-unit co-op at 504 Merrick Road in Lynbrook, NY;
• A $3 million line of credit for a 216-unit co-op at 315 East 72nd Street in Manhattan;
Mindy Goldstein, a senior vice president at NCB, arranged $15.7 million in new loans during the month, including:
• A $3.5 million first mortgage and a $1 million line of credit for a 140-unit co-op at 333 East 53rd Street in Manhattan;
• A $3 million first mortgage and a $500,000 line of credit for Nagle House Inc., a 179-unit co-op at 240 Nagle Avenue in Manhattan;
•A $2.5 million line of credit for Collect Pond House, Inc., a 35-unit co-op at 366 Broadway in Manhattan;
• A $1.5 million first mortgage for Ketcham Street Tenants Corp., a 64-unit co-op at 44-10 Ketcham Street in Elmhurst, NY;
•An $800,000 third mortgage for Weskora Owners Corp., a 72-unit co-op at 30 North Broadway in White Plains, NY;
NCB Vice President Harley Seligman arranged $2.4 million in new loans during April, including:
• A $1.6 million first mortgage and a $500,000 line of credit for a 55-unit co-op at 40 Prospect Park West in Brooklyn, NY; and
• A $250,000 first mortgage for a seven-unit co-op at 144 St. Marks Avenue in Brooklyn.
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Eastern Union Funding announced the following transactions:
• A $7,600,000 first lien mortgage for the acquisition of a 17-unit multifamily on Garfield Avenue in Jersey City, NJ. This transaction was negotiated by Ira Zlotowitz and Michael Muller
• A $4,912,500 first lien mortgage for the acquisition of a 15-unit, 5-story mixed-use on Douglass Blvd. in New York, NY. This transaction was negotiated by David Metzger and Nate Hyman.
• A $2,200,000 first lien mortgage to refinance a 7-unit, 4-story mixed-use on Rogers Avenue in Brooklyn, NY. Nate Hyman and David Metzger
• A $2,100,000 first lien mortgage to refinance a 15-unit, 21.5K SF retail strip and office plaza in Norwalk, CT. This transaction was negotiated by CJ Danziger and Jonathan Singer
•A $2,230,000 first lien mortgage for the acquisition of a 14-unit mixed-use on Amsterdam Avenue in New York, NY. This transaction was negotiated by Isaac Sternhill
• A $2,500,000 first lien mortgage to refinance a 6-unit multifamily in Ridgewood, NY. This transaction was negotiated by David Eisen
• A $2,013,000 first lien mortgage for the acquisition of a single-story industrial building in Lakewood, NJ. This Transaction was negotiated by Ira Zlotowitz.
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Pergolis Swartz Associates Inc. announced the following transactions:
• Barry Swartz negotiated permanent financing in the amount of $3,625,000 for a 4 story building with 6 apartments and one store on First Avenue in Manhattan.
• Barry Swartz closed a permanent loan in the amount of $4,500,000 for a six story building with 10 residential units and three stores located on Stanton Street in Manhattan.
• Barry Swartz obtained permanent financing in the amount of $4,850,000 for a four story building with 5 apartments and 2 stores on Avenue A in Manhattan.
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W Financial Fund has provided the following bridge loans:
• A $10,750,000 loan utilized for the acquisition of a one-story, commercial property located on Eleventh Avenue in Hell’s Kitchen. The loan was also used to provide working capital for the Borrower’s businesses. W Financial’s loan is secured by a first mortgage loan covering both the Eleventh Avenue property as well as five contiguous properties located in the Corona section of Queens. Our borrower expects to refinance the bridge loan with a traditional bank loan or via the sale of one of his properties.
• An $8,000,000 loan collateralized by a townhouse complex in upstate New York. The completed project will consist of 396 townhomes. Phase One of the construction is complete and the developer is in the process of obtaining the Certificates of Occupancy for the first 51 homes. The borrowers have completed extensive infrastructure work to support the development. The funds were used to refinance a $2,000,000 existing mortgage and to recapture a portion of the Borrower’s initial equity investment. W, along with its parri passu participant, also holds a blanket mortgage encumbering several nearby commercial and residential properties as additional collateral. As the townhomes are sold, the borrowers will repay the W Financial loan.
