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Deals & Dealmakers

TRANSACTIONS: Meridian places $12,950,000 mortgage

Emerald Creek Capital has provided roughly $10 million in two recent loans.

• An $8,250,000 acquisition loan in the town of Scarsdale, NY in Westchester County. The loan is secured by a two-story mixed-use building with 13,986 s/f of net rentable area.

• An $1,800,000 acquisition loan in the Kensington neighborhood of Brooklyn. The loan is secured by a one-story retail building with 4,550 s/f of rentable area.

Financing for both deals was originated by ECC Managing Director Jeff Seidler.

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W Financial has provided the following bridge loans which were handled by Jarret Schochet, David Heiden, Andrew Singer and TJ Randall:

• $1,150,000 first mortgage bridge loan secured by a multifamily development site located on Ridgedale Avenue in Morristown, New Jersey. The borrower required the loan proceeds in order to buy out a partner and plans to refinance the W Financial loan with conventional construction financing.

• $3,625,000 bridge loan collateralized by a 106-unit, garden-style, multifamily rental community located on Hunt Club Lane in Louisville, Kentucky. The borrower thought he had financing lined up, but the original lender failed to close the loan. W Financial evaluated the property and the market and was able to close the loan very quickly, enabling the borrower to close as scheduled on their acquisition. The borrower expects to repay the W Financial bridge loan when he refinances the property with long-term conventional financing.

• A $10,200,000 bridge loan secured by a recently built luxury condominium building located on 6th Avenue in Naples, Florida. The borrower needed the bridge loan to repay their maturing construction loan.

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Meridian has arranged the following mortgages:

• A new mortgage of $12,950,000 was placed by Meridian on a multifamily property totaling 40 units located on Central Park Avenue in Scarsdale. The loan features a rate of 3.15 percent and a five-year term. This transaction was negotiated by Chaim Tessler.

• A new mortgage in the amount of $8,750,000 on a 70-unit multifamily property located on Dorchester Road in Brooklyn. The loan features a rate of 3.3 percent and a five-year term. Morris Diamant and David Liechtung negotiated this transaction.

• A new mortgage of $7,150,000 was placed by a multifamily property totaling 56 units located on East 19th Street in Brooklyn. The loan features a rate of 3.3 percent and a five-year term. This transaction was negotiated by Morris Diamant and Tzvi Krieger.

• A new mortgage in the amount of $4,200,000 on a 31-unit multifamily property located on East 4th Street in Manhattan. The loan features a rate of 3.4 percent and a 10-year term. Charles Grussgott and Michael Helmreich negotiated this transaction.

• A new mortgage of $4,000,000 was placed by Meridian on a cooperative property totaling 19 units located on Park Avenue in Manhattan. The loan features a rate of 3.23 percent and a 10-year term. This transaction was negotiated by Steve Geller and Nicoletta M. Pagnotta.

• A new mortgage in the amount of $2,750,000 on a 40-unit cooperative property located on East 63rd Street in Manhattan. The loan features a rate of 3.23 percent and a 10-year term. Steve Geller and Nicoletta M. Pagnotta negotiated this transaction.

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