Meridian Capital announced the following transactions:
- A new mortgage of $1,690,000 was placed on a four-story, 16-unit multifamily property located on West 159th Street in New York, NY. The loan features a rate of 3.00% and a five-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.
- A new mortgage in the amount of $5,000,000 on a five-story, 48-unit multifamily property located on Kingsbridge Avenue in the Bronx, NY. The loan features a rate of 3.13% and a five-year term. Jacob Schmuckler and Sam Shifer negotiated this transaction.
- New mortgages totaling $5,000,000 were placed on two multifamily properties composed of 88 units located on Reservoir Avenue and 204th Street in the Bronx. The loans feature rates of 3.45% and seven-year terms. These transactions were negotiated by Michael Kesselman.
- A new mortgage in the amount of $3,500,000 on a 10-story, 44,750 square foot office and retail property located on West 37th Street in New York, NY. The loan features a rate of 3.63% and a five-year term. Morris Diamant and Mark Brachfeld negotiated this transaction.
- A new mortgage of $1,765,000 was placed on a three-story, 12-unit multifamily property located on Bay 13th Street in Brooklyn, NY. The loan features a rate of 3.15% and a five-year term. This transaction was negotiated by Morris Diamant and Mendy Spielman.
- A new mortgage in the amount of $1,250,000 on a two-story, 20-unit multifamily property located on Milton Place in Plainfield, NJ. The loan features a rate of 3.13% and a three-year term. Morris Diamant and Steven Ribiat negotiated this transaction.
•••
Hirshmark Capital announced the following recent transactions:
- The $5 million leveraged financing of a mortgage secured by a Manhattan development site containing 51,000 buildable square feet, and over 165 feet of frontage, on 125th Street, Harlem. The borrower, an active bridge lender, was able to increase their internal returns on their bridge loan, by leveraging it with our custom tailored financing, which provided both a single digit interest rate and flexible repayment terms. This transaction was negotiated by Mark Levin.
- A $1.5 million bridge loan secured by a 4,100 sq. ft. three-story brick building at 710 Grand Street in East Williamsburg, Brooklyn, featuring two residential units and one commercial unit along the active retail corridor. The borrower came to Hirshmark Capital seeking capital for other business purposes. This transaction was negotiated by Igor Vaysberg.
- A $1 million bridge loan secured by a 15,000 sq. ft. four-story brick building at 8705 Bay Parkway containing 16 residential units in Bensonhurst, Brooklyn. The borrower came to Hirshmark Capital seeking capital to purchase another property that had a time of the essence closing. This transaction was negotiated by Igor Vaysberg.
- A $800,000 bridge loan secured by a 3,500 sq. ft. three-story SRO brick building at 314 West 138 Street in Harlem. The borrower came to Hirshmark Capital seeking capital to purchase the subject property. This transaction was negotiated by Igor Vaysberg.
•••
GCP Capital Group arranged mortgage financing in the aggregate amount of $35,420,000 for the following properties:
- $10,300,000 for a package of three commercial properties totaling approx. 48,000 square feet, located throughout the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this portfolio.
- $10,000,000 for three contiguous six-story multifamily apartment buildings containing a total of 330 apartments and 2 commercial units, located throughout the Bronx, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
- $8,000,000 for a 19,000 square foot, one-story retail shopping center containing 13 commercial spaces, located on Cross Bay Boulevard in Queens, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
- $4,900,000 for a four-story apartment building containing 25 units, located on Kent Avenue in Brooklyn, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this portfolio.
- $2,220,000 for a four-story apartment building containing 7 units, located on 47th Road in Long Island City, New York. Matthew Albano, Senior Broker of GCP Capital Group, arranged the financing for this property.
•••
Houlihan-Parnes Realtors, LLC, represented by Bryan Houlihan and Mike O’Neill, announces the placement of a $3,500,000 first mortgage on the 10,000 s/f retail building with 6 stores located at 172-178 Dyckman Street in the Inwood section of upper Manhattan. The 7-year, non-recourse loan has a fixed interest rate of 3.75% with interest only payments for two years and 30-year amortization thereafter. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Christie Houlihan of Zukerman Gore Brandeis & Crossman, LLP.
•••
Eastern Union announced the following transactions:
- A 16,973,000 first lien mortgage for the acquisition of a 136 unit multifamily property on Passey Lane in Lancaster, PA. This transaction was arranged by David Singer.
- A $9,900,000 first lien mortgage for the refinance of 5 multifamily properties with a total of 75 units in Brooklyn, NY. This transaction was arranged by David Metzger and Nate Hyman.
- A $9,100,000 first lien mortgage for the acquisition of a 35 unit multifamily property on Crown Street in Brooklyn, NY. This transaction was arranged by Michael Muller
- A $7,418,900 first lien mortgage for the acquisition of a 230 multifamily property in Kansas City, KS. This transaction was arranged by Motti Blau.
- A $7,000,000 first lien mortgage for the refinance of a 54 unit multifamily property on W. Allens Lane in Philadelphia, PA. This transaction was arranged by Meir Kessner.
- A $6,000,000 first lien mortgage for the acquisition of a 12 unit multifamily property on Montague Street in Brooklyn, NY. This transaction was arrange by Moshe Lipschitz.
- A $4,800,000 first lien mortgage for the refinance of a 57 unit multifamily property on University Avenue in Bronx, NY. This transaction was arranged by Michael Muller.
- A $1,600,000 first lien mortgage for the refinance of a 26 unit mixed use property on 93rd Street in Brooklyn, NY. This transaction was arranged Alex Freund.
- A $1,500,000 first lien mortgage for the refinance of an 8 unit mixed use property on Grand Street in Brooklyn, NY. This transaction was arranged by Motti Blau.
•••
National Cooperative Bank (NCB) originated more than $60 million in new loans during October for 21 New York area properties.
Vice President Harley Seligman originated $23.2 million in new financing during October, including the largest loan: a $13.5 million first mortgage and $1 million line of credit for Maple Plaza Housing Development Fund Corporation, a 154-unit co-op at 1911-1929 Madison Avenue in Manhattan. Other financing activity during the month included:
- A $3.4 million first mortgage for Tara Close Apartments Corp., a 99-unit co-op at 77 Carpenter Avenue in Mount Kisco, NY;
- A $1 million first mortgage and $800,000 line of credit for Gramatan Court Apartments, Inc., a 27-unit co-op at 23-25 Sagamore Road in Bronxville, NY;
- An $850,000 first mortgage and $250,000 line of credit for Bleecker Street Tenants Corp., an 18-unit co-op at 32 Jones Street aka 277-279 Bleecker Street in Manhattan;
Edward Howe III, managing director of NCB’s New York office, arranged nearly $22 million in loans during the month, including:
- A $7 million first mortgage and $500,000 line of credit for an 84-unit co-op at 711 Shore Road in Long Beach, NY;
- A $4 million first mortgage and $500,000 line of credit for Linden Hill No. 2 Cooperative Corp., a 384-unit co-op at 142-14/142-20 26th Avenue aka 26-21 Union Street in Flushing, NY;
- A $4 million first mortgage and $1 million line of credit for Grinnell Housing Development Fund Corporation, an 81-unit co-op at 800 Riverside Drive in Manhattan;
- A $2.8 million first mortgage for an 86-unit co-op at 285 Riverside Drive in Manhattan; and
Senior Vice President Mindy Goldstein arranged $15 million during the month, including:
- A $4.5 million first mortgage and $750,000 line of credit for Colorado Owners, Inc., a 136-unit co-op at 67-12 Yellowstone Boulevard in Forest Hills, NY;
- A $4.5 million first mortgage and $500,000 line of credit for Congress Owners, Ltd., a 108-unit co-op at 200-220 Congress Street in Brooklyn, NY;
A $1.8 million first mortgage for a 60-unit co-op at 6535 Broadway in Bronx, NY; • A $1.4 million first mortgage and $250,000 line of credit for 50-15 Owners Ltd., a 50-unit co-op at 50-15 39th Street in the Sunnyside neighborhood of Queens, NY;
- A $700,000 first mortgage and $100,000 line of credit for West 71st St Tenants Inc., a 30-unit co-op at 130-132-134 West 71st Street in Manhattan;
•••
Charles Cotsalas, senior vice president/senior director of NorthMarq Capital’s Long Island based office, arranged the $7 million refinance of Fodera Enterprises, a 79,730 s/f warehouse property located at 129-02 Northern Boulevard in Corona, New York. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a local bank.
