Meridian Capital announced the following transactions:
- A new mortgage of $16,300,000 was placed on a nine-story, 36-unit multifamily property located on Park Avenue South in New York, NY. The loan features a rate of 3.00% and a five-year term. This transaction was negotiated by Allan Lieberman and Asher Haft.
- A new mortgage in the amount of $10,750,000 on a five-story, 20-unit multifamily property located on East 82nd Street in New York, NY. The loan features a rate of 3.20% and a five-year term. Morris Diamant and Joe Klein negotiated this transaction.
- New mortgages totaling $10,100,000 were placed by Meridian on a mixed-use property and a multifamily property totaling 59 units and 6,000 square feet on retail space located on Frederick Douglass Boulevard and West 47th Street in New York, NY. The loans feature rates of 3.25% and five-year terms. These transactions were negotiated by Moe Rosenblum.
- A new mortgage in the amount of $4,350,000 on a six-story, 49-unit multifamily property located on Macombs Road in the Bronx, NY. The loan features a rate of 3.13% and a five-year term. Zev Feder and Jacob Fischer negotiated this transaction.
- A new mortgage of $1,750,000 was placed on a five-story, 20-unit multifamily property located on Saint Marks Place in New York, NY. The loan features a rate of 3.00% and a five-year term. This transaction was negotiated by Morris Diamant and David Liechtung.
- A new mortgage in the amount of $1,100,000 on a four-story, 13-unit multifamily property located on Holland Avenue in the Bronx, NY. The loan features a rate of 3.32% and a five-year term. Alan Friedman and Eric Chapek negotiated this transaction.
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W Financial provided eight new loans totaling $46.8 million that include the following deals closed by David Heiden and Jarret Schochet:
- a $19 million bridge loan used to acquire a large development site on 40th Road in Flushing, Queens. The borrowers plan to construct two residential buildings as well as a hotel spanning over 500,000 s/f. The property is improved with a 99,600 s/f industrial building, which is occupied by month-to-month tenants. Once the site has been fully prepared for development and all approvals have been obtained, it is expected that the borrower will obtain a conventional construction loan to refinance W Financial’s bridge loan.
- A $10 million bridge loan for the acquisition of a 35-unit, mixed-use building located on Broome Street on the Lower East Side of Manhattan. The owner plans bring the rent roll up to market through tenant buyouts, lease expirations and property improvements. The loan proceeds were used to fund a portion of the purchase price and to establish a renovation reserve. The borrower plans to refinance the W Financial loan with a traditional bank loan once the property has been stabilized.
- A $5.5 million bridge loan secured by a 7,920 square foot, mixed-use building located on East 81st Street on the Upper East Side of Manhattan, that is expected to be the first of a series of two loans. The owner also has the adjacent property under contract and plans to close on the second building within the next couple of months. The borrower then plans to utilize the combined allowable development rights for the construction of one large building. The W Financial loan enabled the borrower to close on the first property, giving him the time to file plans and obtain building permits.
- A $3.4 million bridge loan utilized for the acquisition of a residential development site. The property is well-located on East 2nd Street, in the East Village neighborhood of Manhattan and is currently improved with a one-story commercial building totaling 2,000 square feet. The borrower plans to construct a boutique luxury condominium building consisting of 9 full-floor units. The owner required the acquisition loan to close quickly and secure the purchase at an attractive basis.
- $3.3 million bridge loan utilized for the acquisition of a 5,072 s/f single-family townhouse located on Columbia Heights in Brooklyn Heights. The property was purchased as part of a time-sensitive 1031 exchange. The building was previously owned by the Jehovah’s Witnesses and was sold in 2012 to a developer who painstakingly renovated the 1899 carriage house creating a luxury single-family residence.
- A $3.1 million bridge loan secured by a development site located on East 117th Street in East Harlem. The borrower needed the bridge loan to repay a maturing first mortgage. The borrowers are active developers who plan to use the surplus cash to fund the initial planning stages of the project. The borrowers plan to construct an 11-story, mixed-use, rental building located in close proximity to CUNY’s brand new Hunter College. It is expected that once the project has been fully approved that W’s loan will be refinanced with a construction loan.
- A $1.5 million bridge loan used to acquire a six-unit, mostly vacant, multi-family building located on Park Avenue in the Bedford-Stuyvesant neighborhood of Brooklyn. The W Financial loan was used to fund a portion of the purchase price and to establish a renovation reserve. The borrower expects to refinance the bridge loan with a traditional bank loan once the property is fully occupied.
- A$1 million subordinate loan secured by a development site comprised of two adjacent walk-up buildings located on East 44th Street in the Turtle Bay section of Manhattan. The loan is subordinate to an existing W Financial loan of $10 million that closed in October 2013. The owner has filed applications with the D.O.B. (Department of Buildings) to construct a 41-story, 44-unit, mixed-use tower. W’s loan proceeds will be used to continue the pre-development and planning stages of the project. It is expected that once the project has been fully approved that W’s loan will be refinanced with a conventional construction loan.
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Brick Capital Partners, through an affiliate entity, announed the following transactions:
- An acquisition loan in the amount of $6,450,000 to a private real estate investor. Located in the East Village, the collateral is comprised of a six-story walk-up apartment building with 19 apartments and 2 retail tenants. The loan included the funding of major capital improvements within the building as well as apartment renovations. The interest only loan is for a 2 year term and was closed within two weeks of application.
- A $2,500,000 first mortgage. The collateral, located on 8th Avenue in downtown Manhattan, consists of a three story mixed use building. The interest only mortgage is for a two year term and was closed within two weeks of application.
- A first mortgage in the amount of $1,100,000.00 to a local real estate investor. The collateral, located in Atlantic Beach, Long Island, is comprised of a one-story retail building as well as an ocean-front vacation home.
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Eastern Union Funding announced the following transactions:
- A $3,260,000 first lien mortgage for the acquisition of a 104 unit multifamily property on E Independence St in Tulsa, OK. This transaction was arranged by Nate Hyman and David Metzger.
- A $4,125,000 first lien mortgage for the acquisition of a 23 unit mixed use property on 957 Utica Ave in Brooklyn, NY. This transaction was arranged by Joshua Novoseller.
- A $9,100,000 first lien mortgage for the acquisition of a 35 unit multifamily property Crown Street in Brooklyn, NY. This transaction was arranged by Michael Muller and Ira Zlotowitz.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $46,150,000 for the following properties:
- $35,000,000 bridge financing for The Chetrit Group, Joseph and Meyer Chetrit, for a package of three contiguous six-story townhomes being gut renovated into three luxury high-end mansions, located on the Upper East Side of New York. The loan was arranged with a major local commercial bank. David Sessa, Senior Associate, and Justin Decter of GCP Capital Group, arranged the financing for this transaction.
- $4,000,000 for a 120,000 s/f commercial building solely occupied by a luxury health and fitness complex, located in the Gravesend section of Brooklyn, New York. Matthew Albano, Senior Broker of GCP Capital Group, arranged the financing for this property.
- $2,500,000 for 4 three-story apartment buildings containing a total of 8 units, located on Evergreen Avenue in Brooklyn, New York. David Sessa, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
- $2,500,000 for a package of 4 three-story apartment buildings containing a total of 15 apartments and 4 stores, located throughout Jersey City, New Jersey. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this portfolio.
- $2,150,000 for a five-story apartment building containing 22 units, located on West 152nd Street in Manhattan, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this property.
