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Debt & Equity

Transactions: Meridian’s $11.95M loan for Brooklyn properties, GS Wilcox’s $7M loan in NJ

Meridian Capital announced the following transactions:

  • New mortgages totaling $11,950,000 on two multifamily properties comprised of 100 units located on 64th
    Photo by khrawlings/ Flickr
    Photo by khrawlings/ Flickr

    Street and Ocean Avenue in Brooklyn. The loans feature rates of 2.75% and five-year terms. Joe Taub and Eric Chapek negotiated these transactions.

  • A new mortgage of $16,000,000 was placed on a 21-story, 426-unit co-operative property located on Fifth Avenue in New York. The loan features a rate of 2.83% and a 10-year term. This transaction was negotiated by Steve Geller and Nicoletta Pagnotta.
  • A new mortgage in the amount of $5,900,000 on a five-story, 27-unit multifamily property located on Eastern Parkway in Brooklyn. The loan features a rate of 3.00% and a three-year term. Morris Diamant and Mark Brachfeld negotiated this transaction.
  • A new mortgage of $5,000,000 was placed on a nine-unit multifamily property located on East 89th Street in New York. The loan features a rate of 2.75% and a five-year term. This transaction was negotiated by Isaac Filler and Michael Helmreich.
  • A new mortgage in the amount of $3,600,000 on a 16-unit multifamily property located on Lafayette Avenue in Brooklyn, NY. The loan features a rate of 2.75% and a five-year term. Morris Diamant and Abe Klein negotiated this transaction.
  • A new mortgage of $3,200,000 was placed on a five-story, 55-unit multifamily property located on Bainbridge 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 Steven Ribiat.

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G.S. Wilcox & Co. announced the financing of a six building, 240,000 s/f industrial-flex park in Blackwood, New Jersey. The new $7,000,000 loan is fixed for a 7-year term with a 25-year amortization. The property is nearly 95 percent leased to a diverse roster of more than 30 tenants. The financing was arranged by the Wilcox team and David Fryer, principal.  The financing was provided by Southern Farm Bureau Life Insurance Company for a repeat customer of G.S. Wilcox & Co.  Southern Farm Bureau is a correspondent lender represented by G.S. Wilcox & Co. in the New Jersey marketplace.

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Greysteel has arranged the refinance of Spinnaker Brook, a multifamily property located in Milford, CT on behalf of The Wolff Company. The 10-year, non-recourse loan for $3.1 million was provided by an agency lender under the Freddie Mac Small Balance Loan program. It features a fixed-rate and three years of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Greysteel senior director  Anton Mattli, and finance associate John Marshall Doss. Spinnaker Brook, located at 158 Cherry Street, Milford, Connecticut, was constructed in 2007.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $42,850,000 for the following properties:

  • $18,700,000 for 2 six-story multifamily apartment buildings containing a total of 154 units, located on Avenue I in Brooklyn. Stephen Katz, senior associate, arranged the financing for this transaction.
  • $11,000,000 for two contiguous five-story mixed-use buildings containing a total of 63 units and approx. 7,400 square feet of commercial space, located on Grand Concourse in the Bronx. Paul Greenbaum, managing member, arranged the financing.
  • $6,750,000 for a portfolio of 5 five-story multi-family apartment buildings containing a total of 64 units and 4,320 square feet of commercial space, located on Adam Clayton Powell Boulevard in Manhattan. Matthew Classi, managing member, arranged the financing for this transaction.
  • $6,400,000 for a portfolio of 3 six-story multi-family apartment buildings containing a total of 54 units and approx. 4,450 square feet of commercial space, located in Upper Manhattan. Matthew Classi arranged the financing.

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Eastern Union Funding announced the following transactions:

  • A $4,500,000 first lien mortgage for the refinance of a 43-unit multifamily on Bedford Ave. in Brooklyn.This transaction was arranged by Michael Muller.
  • A $3,900,000 first lien mortgage for the refinance of an 8-unit multifamily on Hancock St. in Brooklyn. This transaction was arranged by David Eisen.
  • A $3,500,000 first lien mortgage for the refinance of a 70-unit multifamily on S. Phillips Ave. in Chicago, IL. This transaction was arranged by Jay Tyberg and Moti Amsel.
  • A $2,700,000 first lien mortgage for the refinance of a 6-unit multifamily on Wilson Ave. in Brooklyn. The transaction was arranged by Mendy Pfeifer and Motti Blau.
  • A $2,600,000 first lien mortgage for the refinance of a 17-unit multifamily on 67th St. in Queens. This transaction was arranged by Mendy Pfeifer and Motti Blau.
  • A $2,050,000 first lien mortgage for the refinance of a 17-unit mixed-use on E 49th St. in Brooklyn.This transaction was arranged by Jeffrey Seidenfeld.
  • A $1,800,000 first lien mortgage for the refinance of a 5-unit multifamily on Grace Ct. in Brooklyn. It was arranged by Isaac Sternhill.
  • A $1,331,250 first lien mortgage for the acquisition of a 33-unit mixed-use on S Potomac St. in Hagerstown, MD. Shai Romirowsky and Marc Tropp arranged the trnasactions.
  • A $1,297,500 first lien mortgage for the acquisition of a 3-unit multifamily on Decatur St in Brooklyn. This transaction was arranged by Motti Blau and Jeffrey Seidenfeld.
  • A $1,200,000 first lien mortgage for the refinance of a 28-unit multifamily on Osborne Terrace in Newark, NJ. This transaction was arranged by David Betesh.
  • A $750,000 first lien mortgage for the refinance of a 6-unit multifamily on 78th St. in Brooklyn, NY. This transaction was arranged by Alex Freund.
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