Meridian Capital announced the following transactions:
• A new mortgage of $7,600,000 was placed on a five-story, 21-unit mixed-use property with 1,800 square feet of retail space located on Bleecker 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 mortgages totaling $43,000,000 on three multifamily properties composed of 455 units located on Oakland Place, East 178th Street, and East 179th Street in the Bronx, NY. The loans feature rates of 3.00% and five-year terms. Barry Lefkowitz and Jake Weinstein negotiated these transactions.
• A new mortgage of $6,500,000 was placed on a six-story, 20-unit multifamily property located on Rivington Street in New York, NY. The loan features a rate of 3.50% and a seven-year term. This transaction was negotiated by David Zlotnick and Sam Shifer.
• A new mortgage in the amount of $4,700,000 on a seven-story, 10-unit multifamily property located on 41st Road in Flushing, NY. The loan features a rate of 3.00% and a five-year term. Morris Diamant and David Steinmetz negotiated this transaction.
• A new mortgage of $2,775,000 was placed on a three-story, 43-unit multifamily property located on South Center Street in Orange, NJ. The loan features a rate of 3.13% and a five-year term. This transaction was negotiated by Morris Diamant and Tzvi Krieger.
• A new mortgage in the amount of $2,650,000 on four-story, nine-unit multifamily property located on Monroe Place in Brooklyn, NY. The loan features a rate of 3.00% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.
Emerald Creek Capital, LLC provided three loans totaling $19,110,000 for the following transactions:
• A $15,000,000 bridge loan secured by a 6,270 s/f beachfront property built on a 1.9 acre site in Southampton, NY. Located along the prestigious Gin Lane, the luxury residence enjoys various amenities including as a tennis court, a pool, and a home theater. The loan was originated by Mike Cleaver.
• A $2,950,000 bridge loan in the Park Slope neighborhood of Brooklyn, NY. Built on a 31 X 105 s/f lot, the subject property is currently improved by a 4-story, 8,407 SF rental apartment building. The loan was originated by Mark Bahiri.
• A $1,160,000 bridge loan secured by a mixed use property in Minneapolis, MN and a two family residence in Laguna Beach, CA. The Minneapolis property is a mixed-use building comprised of 7,796 s/f of retail space and three residential units totaling 4,462 s/f. Built on a 7,500 s/f lot, the Laguna Beach property is a two family residence which totals 1,489 s/f of living area. The loan was originated by Matt Fantuzzi.
GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $35,887,500 for the following properties:
• $10,000,000 for 2 multifamily apartment buildings containing a total of 67 apartments and 5,000 square feet of commercial space, located on St. Nicholas Avenue in Manhattan, New York. Adam Brostovski, principal, arranged the financing for this transaction.
• $9,700,000 for a six-story multifamily building containing 52 apartments, located on West 44th Street in Manhattan, New York. Alan Perlmutter, managing member, arranged the financing.
• $9,000,000 for a three-story commercial building comprised of approx. 36,000 square feet, located on Walton Avenue in the Bronx, New York. Paul Greenbaum, managing member, arranged the financing.
• $4,387,500 for 2 multifamily apartment buildings containing a total of 39 apartments, located on 14th Avenue in Brooklyn, New York. Paul Greenbaum arranged the financing for this transaction.
• $2,800,000 for a six-story apartment building containing 48 apartments, located on Mace Avenue in the Bronx, New York. Adam Brostovski arranged the financing for this transaction.
Eastern Union Funding arranged the following trnasactions:
• An $11,000,000 first lien mortgage for the acquisition of a 61 unit multifamily on Southern Blvd. in Bronx, NY. This transaction was negotiated by Michael Muller
• A $4,220,000 first lien mortgage for the refinance of a 45 unit multifamily on Rochambeau Avenue in Brooklyn. This transaction was negotiated by David Eisen
• A $2,625,000 first lien mortgage for the acquisition of a 32 unit multifamily in Cherry Hill, NJ. this transaction was negotiated by David Singer
• A $2,500,000 first lien mortgage for the acquisition of a 4 unit multifamily in Brooklyn. This transaction was negotiated by Michael Muller and Moshe Lipschitz
• A $2,100,000 first lien mortgage for the acquisition of a 6 unit multifamily in Jersey City, NJ. This transaction was negotiated by Ira Zlotowitz and Michael Muller
• A $2,250,000 first lien mortgage a construction project in Brooklyn. THis transaction was negotiated by Marc Tropp.
HKS Capital Partners announced the following transactions:
• A $4.725 million acquisition and subsequent renovation financing of four contiguous three story mixed-used properties in Queens, all comprised of two residential units and one commercial unit. The loan features a rate of 30 day LIBOR + 3.125% at a term of three years, full term I/O. Ayush Kapahi negotiated this deal.
• A $2.9 million permanent financing of a Manhattan multi-family property. The loan features a rate of 3.3% and a term of 10 years, interest only. Ayush Kapahi negotiated this deal
• A $1.5 million pre-development financing for the construction of a mixed used commercial property in Bushwick, Brooklyn. The loan features a rate of 10.5% with a term of 12 months. John Sullivan negotiated this deal.
W Financial Fund, a Manhattan-based direct lender has provided the following bridge loans:
• An $8,000,000 senior position within a $12,000,000 first mortgage loan on a development site on 60th Street in the Borough Park neighborhood of Brooklyn. Originally, W Financial was a $6,000,000 parri passu participant in a $12,000,000 first mortgage loan. Since the original closing, the developer has been successfully working through NYC’s approval process. A building permit application was recently filed to build 13 six-story buildings on the site, which are slated to have 128 units.
• A $6,000,000 bridge loan collateralized by a cash-flowing, mixed-use property located on Roebling Street in Williamsburg, Brooklyn, consisting of four retail units and five residential units. W’s borrower plans to buy out the retail tenants and to re-lease the space at market rents. In addition, the borrower may decide to add additional stories to the building. The borrower is an active real estate investor with a large portfolio of properties who originally closed all-cash on the property. W Financial’s loan proceeds were utilized to recapitalize a portion of the borrower’s initial investment. The developer’s exit strategy is to bring the building up to market rents and to then refinance the bridge loan with a conventional bank loan.
• A $1,150,000 loan for the acquisition of a three-story, six-unit, mixed-use building located on Stanhope Street in the Bushwick neighborhood of Brooklyn. The borrower was able to acquire the property in an off-market transaction and needed to close quickly. The borrower will work to increase the rent roll and thus the building’s NOI and then expects to refinance the bridge loan with conventional bank financing.
Pergolis Swartz Associates Inc. announced the following transactions:
• Barry Swartz closed a permanent loan in the amount of $2,700,000 for a 4 story walk up apartment building with 9 units on West 21st Street in Manhattan.
• Barry Swartz negotiated a permanent loan in the amount of $2,900,000 for a five story apartment building with 10 residential units on East 10th Street in Manhattan.
• Barry Swartz arranged for permanent financing in the amount of $4,600,000 for three 5-story walk up apartment buildings with a total of 25 units and 6 stores located on Amsterdam Avenue.