Meridian Capital announced the following transactions:
• A new mortgage of $5,000,000 was placed on a six-story, 53-unit multifamily property located on 85th Avenue in Queens, NY. The loan features a rate of 3 percent and a five-year term. This transaction was negotiated by Morris Diamant and Jacob Rochlitz.
• New mortgages totaling $10,600,000 on three multifamily properties comprised of 69 units located on Fairview Avenue, Wadsworth Avenue and West 184th Street in New York, NY. The loans feature rates of 3.125% and five-year terms. Morris Diamant and Mark Brachfeld negotiated these transactions.
• A new mortgage of $5,200,000 was placed on a 44-unit multifamily property located on Second Street in Jersey City, NJ. The loan features a rate of 3.125% and a five-year term. This transaction was negotiated by Morris Diamant and Mark Brachfeld.
• A new mortgage in the amount of $4,800,000 on a four-story, 12-unit multifamily property located on East 53rd Street in New York, NY. The loan features a rate of 3.375% and a five-year term. Morris Diamant and Joseph Akerman negotiated the transaction.
• A new mortgage of $1,650,000 was placed on a four-story, nine-unit multifamily property located on Crotona Avenue in the Bronx, NY. The loan features a rate of 3.125% and a five-year term. This transaction was negotiated by Charles Grussgott.
• A new mortgage in the amount of $1,125,000 on a four-story, nine-unit multifamily property located on Fourth Avenue in Brooklyn, NY. The loan features a rate of 3.375% and a five-year term. Chaim Tessler negotiated this transaction.
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Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors closed four loans totaling $4,515,000 on four, free-standing, fast-food/casual dining restaurants in North Carolina, Georgia and Tennessee. The chains included an Olive Garden, Arby’s, Wendy’s and Bojangles’. Financing was provided by a national insurance company and a regional bank. Loan terms ranged from 10 years to 25 years. Both lenders fixed the interest rate for the initial 10-year term at 4.25% to 4.5%. The insurance company provided a fixed-rate reset feature for the remaining 15 years. The properties were acquired by a Long Island-based based family with an extensive portfolio of multi-tenanted commercial properties located in metro New York. This was their first foray into the single tenant arena. Q10NY worked with Barry Stein of Rohman & Stein Associates.
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GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $23,225,000 for the following properties:
• $12,000,000 for a six-story apartment building containing 60 units, located in Upper Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $4,000,000 for the development of a multi-story commercial building comprised of approx. 115,000 buildable square feet, located on West 145th Street in Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $2,975,000 for a five-story apartment building containing 18 units and 1,050 square feet of commercial space, located on East 115th Street in Manhattan, New York. Adam Brostovski, Principal, arranged the financing.
• $2,250,000 for a four-story apartment building containing 16 units, located on 34th Avenue in Jackson Heights, New York. Matthew Classi, Managing Member, arranged the financing.
• $2,000,000 for a four-story townhouse comprised of approx. 3,840 square feet, located on East 62nd Street in Manhattan, New York. Louis Perlmutter, Senior Broker, arranged the financing.
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Eastern Union Funding announced the following transactions:
• A $7.4 million loan for the refinancing of Live Oak Apartments, a garden-style apartment community in West Houston. Peter Blass, a managing director with Eastern Union’s New York City office, was assisted by Adelle Ross from the Howell, NJ, office’s underwriting team. They secured a seven-year Freddie Mac loan, with one-year interest only, through Berkadia Commercial Mortgage on behalf of the borrower, Live Oak Apartments LLC. Situated on 5.5 acres, the 162-unit complex located at 851 Threadneedle is approximately 93% occupied.
• A $7,100,000 first lien mortgage for the refinance of a 13,500 s/f single tenant property on Avenue Y in Brooklyn, NY. This transaction was arranged by Motti Blau and Joel Kepecs.
• A $5,650,000 first lien mortgage for the refinance of a 178-unit multifamily on E Napier Ave. in Benton Harbor, MI. This transaction was arranged by Jeffrey Seidenfeld.
• A $3,750,000 first lien mortgage for the refinance of a 28-unit multifamily on 44th St. in Brooklyn, NY. This transaction was arranged by Michael Muller.
• A $2,475,000 first lien mortgage for the refinance of a 24-unit multifamily on 41st St. in Brooklyn, NY. This transaction was arranged by Michael Muller.
• A $2,400,000 first lien mortgage for the refinance of a 6-unit multifamily on George St. in Ridgewood, NY. This transaction was arranged by Mendy Pfeifer.
• A $1,720,000 first lien mortgage for the refinance of a 25-unit multifamily on W Allens Ln. in Philadelphia, PA. This transaction was arranged by David Metzger and Nate Hyman.
• A $1,200,000 first lien mortgage for the acquisition of a 6-unit multifamily on Devoe St. in Brooklyn, NY. This transaction was arranged by Michael Muller.
