Meridian Capital announced the following transactions:
- A new mortgage of $15,500,000 was placed on a six-story, 38-unit multifamily property located on Hudson Street in New York, NY. The loan features a rate of 2.75% and a four-year term. This transaction was negotiated by Carol Shelby and Dani Sabesan.
- New loans totaling $34,300,000 on five multifamily properties composed of 219 units located on 63rd Street, 113th Street, Barclay Avenue and 83rd Avenue in Queens, NY and Gilchrest Road in Great Neck, NY. The loans feature rates of 3.38% and seven-year terms. Joseph Taub and Eric Chapek negotiated these transactions.
- New mortgages totaling $5,700,000 were placed by Meridian on two multifamily properties composed of 62 units located on Guy Lombardo Avenue in Freeport, NY and Ireland Place in Amityville, NY. The loans feature rates of 3.00% and five-year terms. These transactions were negotiated by Carol Shelby and Dani Sabesan.
- A new mortgage in the amount of $3,750,000 on a seven-story, 69-unit multifamily property located on Grand Concourse in the Bronx, NY. The loan features a rate of 3.13% and a seven-year term. David Zlotnick and Sam Shifer negotiated this transaction.
- A new mortgage of $3,600,000 was placed on a six-story, 56-unit multifamily property located on 15th Avenue in Brooklyn, NY. The loan features a rate of 2.88% and a five-year term. This transaction was negotiated by Morris Diamant and Tzvi Krieger.
- A new mortgage in the amount of $2,300,000 on a four-story, six-unit multifamily property located on East 10th Street in New York, NY. The loan features a rate of 3.25% and a five-year term. David Oheb and Brian Flax negotiated this transaction.
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GCP Capital Group LLC, has arranged mortgage financing in the aggregate amount of $35,737,500 for the following properties:
- $18,000,000 for a seven-story apartment building containing 40 residential condominium units, located in the Williamsburgh section of Brooklyn, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
- $7,237,500 for 2 five-story apartment buildings containing a total of 88 apartments, located on Morris Avenue in the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for these properties.
- $4,500,000 for two connected six-story apartment buildings containing a total of 54 apartments, located on Holland Avenue in the Bronx, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this property.
- $3,800,000 for a five-story mixed-use building containing 8 apartments and 1 commercial unit, located on East 6th Street in Manhattan, New York. Stephen Katz, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
- $2,200,000 for a NNN single-tenant, retail building situated on .92 acres, located in Aiken, South Carolina. George Spanos, Senior Associate of GCP Capital Group, arranged the financing for this property.
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Jeremiah A. Houlihan of Houlihan-Parnes Realtors, LLC has arranged a loan secured by a 1st mortgage in the amount of $500,000 encumbering a property located at 51 Van Cortlandt Park Avenue, Yonkers, NY improved with a 3-story walk-up apartment building constructed in 1965. There are 7 apartments and on-site outdoor parking spots. The loan was placed with a Savings Bank at a 10-year fixed interest rate on a 25-year amortization schedule. The Lender charged a no commitment fee and the loan has a sliding scale penalty in the case of prepayment.
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Kennedy Funding Financial, LLC (KFF) has completed a $7.38 million construction loan for a proposed independent living community in Lakeshore, Ontario, Canada, announced Gregg Wolfer, COO. The three-year, interest-only funding was obtained by 4202414 Canada Inc., an affiliate of the community’s developer. The loan will be serviced by KFF or an affiliate. Of the $7.38 million, a portion of the loan proceeds will be held back at closing and advanced when certain completion reserve conditions are met. Those conditions include final approval of all necessary construction permits and a completion bond.
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Eastern Union Funding announced the following transactions:
- A $2,525,000 first lien mortgage to refinance a 26-unit multifamily property on East 160th Street in Bronx, NY. This transaction was negotiated by Michael Muller
- A $2,400,000 first lien mortgage to refinance a 22-unit mixed-use on Washington Avenue in Bronx, NY. This transaction was negotiated by Michael Muller
- A $2,325,000 first lien mortgage to refinance a 21-unit multifamily on East 165th Street in Bronx, NY. This transaction was negotiated by Michael Muller
- A $4,750,000 first lien mortgage to refinance 16-unit mixed-use on 28th Avenue in Astoria, NY. This transaction was negotiated by Jonathan Singer.
- A $1,860,000 first lien mortgage for the acquisition of an 8-unit mixed-use on Boerum Street in Brooklyn, NY. This transaction was negotiated by Michael Muller and Moshe Lipschitz
- A $1,750,000 first lien mortgage for the refinance of a 6-unit multifamily on Willoughby Avenue in Brooklyn, NY. This transaction was negotiated by David Metzger and Nate Hyman.
- A $1,305,000 first lien mortgage for the acquisition of an 8-unit mixed-use on Tompkins Avenue in Brooklyn, NY. This transaction was negotiated by Motti Blau.
- A $1,850,000 first lien mortgage to refinance a 5-unit mixed-use on Hooper Street in Brooklyn, NY. This transaction was negotiated by Nate Hyman and David Metzger
- A $4,444,000 first lien mortgage to refinance a 130-unit multifamily in Syracuse, NY. This transaction was negotiated by Abraham Bergman and Joseph Orzel.
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CBRE Group, Inc., New Jersey Capital Markets Debt & Structured Finance team announced the following transactions:
- A $7.7 million first mortgage refinancing secured by Monroe Town Center, a 32,205-square-foot community retail center in Monroe Township, N.J. James Gunning, Donna Falzarano and Evan Kleppe arranged the refinancing on behalf of Monroe Center Associates, LLC, marking the second time that the CBRE team has represented the borrower in the financing of the asset. Following a competitive bidding process involving a number of lenders and offers, the borrower selected a CMBS loan with a 10-year term from UBS Real Estate Securities, Inc.
- $5 million short-term bridge financing secured by One Gatehall Drive, a 113,220-square-foot office property in Parsippany, N.J. James Gunning, Donna Falzarano and Evan Kleppe arranged the financing with a local commercial bank on behalf of the borrower, GLB Gatehall, LLC. The entity is a partnership of Glenborough, a privately held full service real estate firm, and a large institutional real estate investor. The short-term floating rate financing, which was secured with a competitive interest rate, was put in place to refinance the existing mortgage on the property. CBRE marketing efforts were received favorably by a number of banks, allowing the borrower to select the most flexible and competitive deal of those offered.
