Transactions: Meridian Capital’s West 104th Street mortgage, GCP Capital’s $46.8M in mortgage financing

Meridian Capital announced the following transactions:

• A new mortgage of $4,150,000 on a five-story, 20-unit multifamily property located on West 104^th Street in New York, NY. The loan features a rate of 3.00% and a five-year term. This transaction was negotiated by Zev Feder and Brian Ladenheim.
• A new mortgage in the amount of $6,140,000 on a five-story, 23-unit multifamily property located on Classon Avenue in Brooklyn, NY. The loan features a rate of 3.36% and a five-year term. Isaac Filler and Michael Helmreich negotiated this transaction.
• New mortgages totaling $3,750,000 were placed on multifamily and mixed-use properties totaling 12 units and 900 square feet of retail space located on Driggs and Manhattan Avenues in Brooklyn, NY. The loans feature rates of 3.13% and five-year terms. These transactions were negotiated by Morris Diamant and Mendy Spielman.
• A new mortgage in the amount of $2,500,000 on a five-story, 10-unit mixed-use property with 1,200 square feet of retail space located on Manhattan Avenue in New York, NY. The loan features a rate of 3.00% and a five-year term. Morris Diamant and Mendy Spielman negotiated this transaction.
• A new mortgage of $1,370,000 was placed on a five-story, 16-unit multifamily property located on Walton Avenue in the Bronx, NY. The loan features a rate of 3.00% and a five-year term. This transaction was negotiated by Morris Diamant and Tzvi Krieger.
• A new mortgage in the amount of $1,100,000 on a two-story, five-unit multifamily property located on 2^nd Place in Brooklyn, NY. The loan features a rate of 3.00% and a five-year term. David Zlotnick and Sam Shifer negotiated this transaction.

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GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $46,800,000 for the following properties:

• $13,375,000 combined financing for 3 five-story apartment buildings containing a total of 161 apartments and approx. 4,200 square feet of commercial space, located throughout the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this package.
• $10,950,000 for a two-story single-tenant retail building comprised of approx. 39,000 square feet, located in Paramus, New Jersey. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $7,900,000 for a six-story apartment building containing 69 apartments, located on Selwyn Avenue in the Bronx, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $7,875,000 for a six-story apartment building containing 57 apartments and 4,380 square feet of commercial space, located on West 190^th Street in the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this property.
• A $6,700,000 acquisition/construction loan for a to-be-built five-story multifamily apartment building containing 12 apartments, located on St. Marks Avenue in Brooklyn, New York. Matthew Albano, Senior Broker of GCP Capital Group, arranged the financing for this transaction.

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Kennedy Funding Financial LLC (KFF) completed a $3.41 million loan secured by a multi-building industrial facility in Franklin County, PA. The two-year, interest only-loan was secured by Foremost Realty Holdings, LLC, an affiliate of homebuilder Foremost Industries, Inc. The lender was Foremost Realty Lender, LLC, and the funding will be serviced by KFF. The borrower recently acquired the company owning the collateral for $5.5 million, paying $2.9 million in cash to the seller and assuming the existing Susquehanna First Mortgage of $2.6 million. The loan will pay off that mortgage, and the borrower also pledged a 6,700 s/f office building in Greencastle, PA.

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Eastern Union Funding announced the following transactions:

• A $4,970,000 first lien mortgage to refinance a 64-unit multifamily on Cruger Avenue in Bronx, NY. This transaction was negotiated by Michael Muller
• A $3,504,000 first lien mortgage for the acquisition of a 56-unit multifamily on West Hampton Street in Pemperton, NJ. This transaction was negotiated by Jonathan Singer
• A $2,400,000 first lien mortgage to refinance a 10,500 SF office building on Seigal Street in Brooklyn. This transaction was negotiated by Jake Gluck and Mark Perlowitz
• A $2,100,000 first lien mortgage to refinance a 5-unit multifamily on Evergreen Avenue in Brooklyn, NY. this transaction was negotiated by David Eisen and Meir Kessner
• A $1,979,000 first lien mortgage to refinance an 8-unit multifamily on Nassau Avenue in Brooklyn, NY. This transaction was negotiated by Joshua Novoseller and Phil Krispin
• A $1,600,000 first lien mortgage to refinance a 160,000 SF office building in Allentown, PA. This transaction was negotiated by Moti Amsel
• A $1,000,000 first lien mortgage to refinance a 15-unit multifamily on 13th Avenue in Paterson, NJ. This transaction was negotiated by Moshe Lipschitz.

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Madison Realty Capital (MRC) provided a $9.0 million first mortgage loan for the acquisition and development of 232 Smith Street in Boerum Hill, Brooklyn. The borrower, a local developer, plans to build a 15,000 s/f three-level retail building, which has been pre-leased in its entirety. The borrower intends to start construction of the new building this fall and complete it by the summer of 2016. Josh Zegen, Co-Founder and Managing Principal of MRC, said the borrower had a need for financing in order to take a majority interest in the property and fund construction.

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W Financial Fund, a Manhattan-based direct lender, has provided the following bridge loans:

An $825,000 loan collateralized by several properties including a first mortgage on a three-unit, mixed-use property located on Nevins Street, as well as second mortgages on two other properties with a total of five apartments located on State Stree. The borrower required a quick-close bridge loan in order to satisfy a lien which encumbered the Nevins Street property. The borrower expects to refinance W’s loan prior to the end of the loan term with permanent financing provided by a local bank.

• A $550,000 loan utilized to finance the acquisition of a three-story, seven-unit multifamily property located on East 216th Street in the Williamsbridge section of the Bronx. The borrower was originally pursuing traditional bank financing however with a time-of-the-essence closing deadline looming, he decided that he needed a bridge loan in order to meet the closing deadline. The borrower expects to refinance the bridge loan with bank financing prior to the end of W’s loan term.
• A $700,000 bridge loan utilized to purchase a two-family house located on Avenue J in the Midwood section of Brooklyn. The borrower purchased the investment property in an off-market transaction and required a bridge loan in order to close expeditiously. The borrower plans to perform a light renovation and to lease the units at market rents and then refinance W Financial’s loan with a conventional bank mortgage.
• A $1,020,000 bridge loan collateralized by two condominium apartments owned as an investment and rented to third-party tenants located in a desirable eighteen-story, 121-unit property on Charles Street in Greenwich Village. The borrower specializes in acquiring high-end condominium units, which he furnishes and leases to corporations for employee housing. The borrower is utilizing the loan proceeds as working capital for his business. The borrower plans to refinance W’s loan either with conventional bank financing or upon the sale of one of the units.
• A $1,400,000 bridge loan collateralized by a newly-constructed, single-family luxury residence located on Northwest Path in Sagaponack, in the Hamptons. The borrower needed a bridge loan in order to close on the off-market acquisition of two desirable Sagaponack single-family building lots. W Financial’s loan includes all three pieces of collateral. The spec house is complete and is currently being marketed for sale. It is expected that the sale of the house will be the source of W’s loan repayment.
• A $6,500,000 bridge loan used to acquire two cash-flowing, multi-family buildings located on West 158th Street and West 159th Street in the Washington Heights neighborhood of Manhattan. The borrower had secured traditional bank financing, but needed the W Financial loan when the bank was unable to close on time. The borrower expects to refinance the W loan with a traditional bank loan.

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Pergolis Swartz Associates Inc. announced the following transactions:

• Michael Volpe closed a permanent mortgage in the amount of $1,200,000 for a five unit residential apartment building on Eagle Street in Brooklyn.
• Len Solinsky arranged a permanent fixed rate loan in the amount of $2,600,000 for a mixed use building containing 6 units and one commercial tenant on Second Avenue in Manhattan.
• Michael Volpe and Richard Pergolis obtained construction financing in the amount of $21,282,000 for a to be built multi-family apartment building on West 139th Street in Manhattan.
• Barry Swartz negotiated a permanent mortgage in the amount of $4,700,000 for a six story residential apartment building with 24 units located on East 105^th Street in Manhattan.
• Barry Swartz closed a permanent loan in the amount of $4,500,000 for a five story building with 20 apartments on East 102nd Street in Manhattan.