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Debt & Equity

Transactions: Meridian places $4.7M loan, HFF arranges $10M mortgage

Meridian Capital announced the following transactions:

  • A new mortgage of $4,725,000 was placed on a multifamily property totaling 20 units located on East 74th Street in New York, NY. The loan features a rate of 4.19% and a 10-year term. This transaction was negotiated by Abe Hirsch and Zev Karpel.
  • A new mortgage in the amount of $3,250,000 on a 32-unit multifamily property located on Monroe Avenue in the Bronx, NY. The loan features a rate of 4.08% and a five-year term. David Hayum and Luke Hingson negotiated this transaction.
  • A new mortgage of $2,500,000 was placed by Meridian on a multifamily property totaling 13 units located on Saint Marks Avenue in Brooklyn, NY. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by Michael Farkovits.
  • A new mortgage in the amount of $2,450,000 on a 44-unit multifamily property located on Slaight Street in Staten Island, NY. The loan features a rate of 4.125% and a five-year term. Alan Friedman and Ethan Kalaora negotiated this transaction.
  • A new mortgage of $1,500,000 was placed on a multifamily property totaling 28 units located on Harbor Road in Staten Island, NY. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by Alan Friedman and Eric Chapek.
  • A new mortgage in the amount of $6,450,000 on a 22-unit multifamily property located on East 63rd Street in New York, NY. The loan features a rate of 4.19% and a 10-year term. Abe Hirsch and Zev Karpel negotiated this transaction.

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Holliday Fenoglio Fowler, L.P. (HFF) announced a $9.94 million acquisition financing for 3 Paragon Drive, a 93,916 s/f, Class A office property in Montvale, New Jersey. The HFF team worked on behalf of the borrower, Ramapo, New York-based Northeast Capital Group, to secure the five-year, fixed-rate loan with Valley National Bank. 3 Paragon Drive is situated on a 9.29-acre site in the Upper Parkway Office submarket of Montvale. Renovated in 2016, 3 Paragon Drive is 96 percent leased to two tenants, Pentax of America and Turner Construction Company. The HFF debt placement team representing the borrower included managing director Michael Klein and senior director Porter Terry.

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Greystone provided a $8,237,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a three-property multifamily portfolio in Queens, New York. The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, NY office, for The Colorful Flowers Commonwealth Trust. The $8.2 million Fannie Mae loan carries a 10-year term and 30-year amortization period. The borrower has previously secured HUD financing from Greystone on other properties in its portfolio. The portfolio consists of three, rent-stabilized properties totaling 52-garden style units located in the Springfield Gardens neighborhood of Queens. Built in 2006, the New Yorker at 177-50 South Conduit Avenue has 20 units. Liberty House and Empire House, at 176-20 and 177-16 South Conduit Avenue respectively, each have 16 units.

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GCP Capital Group has arranged mortgage financing in the aggregate amount of $53,350,000 for the following properties:

  • $32,250,000 for a 12-story Class A high-rise multifamily apartment building containing 146 units, located in Fairview, Bergen County, New Jersey. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
  • $13,000,000 for a 10-story multifamily apartment building containing 75 units and approximately 3,300 square feet of commercial space, located on West 157th Street in Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
  • $5,400,000 combined financing for a five-story multifamily apartment building containing 30 units, located on East 83rd Street in Manhattan, New York and a four-story mixed use building containing 5 apartments and 2,450 square feet of commercial space, located on East 46th Street in Manhattan, New York. Matthew Albano, Managing Director of GCP Capital Group, arranged the financing.
  • $2,700,000 for a five-story multifamily apartment building containing 10 units, located in the East Village neighborhood of Manhattan, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for this transaction

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Eastern Union Funding arranged the following transactions:

  • A $38,706,000 first lien mortgage for the acquisition of a 490-unit multifamily on Hillandale Dr in Norcross, GA. This transaction was arranged by Michael Muller.
  • A $6,655,000 first lien mortgage for the refinance of a 155-unit mixed-use on Fulton St in Peoria, IL. This transaction was arranged by Ira Zlotowitz and Marc Belsky.
  • A $2,280,000 first lien mortgage for the refinance of a 5-unit mixed-use on Powers St in Brooklyn, NY. This transaction was arranged by Josh Horowitz.
  • $1,267,500 in first lien mortgages for the refinance of two mixed-use properties in Brooklyn, NY. These transactions were arranged by Alex Freund.
  • A $1,000,000 first lien mortgage for the refinance of a 2,200-square-foot commercial property on Tonnelle Ave in North Bergen, NJ. This transaction was arranged by Joseph Saul.

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