Meridian Capital announced the following transactions:
- A new mortgage of $3,675,000 was placed on a five-story, 27-unit mixed-use property with 1,900 square feet of retail space on Manhattan Avenue in Brooklyn, NY. The loan features a rate of 3.00% and a five-year term. This transaction was negotiated by Alan Friedman and Eric Chapek.
- A new mortgage in the amount of $6,500,000 on a six-story, 58-unit multifamily property located on 29th Street in Astoria, NY. The loan features a rate of 3.13% and a five-year term. Allan Lieberman and Asher Haft negotiated this transaction.
- A new mortgage of $5,350,000 was placed on a six-story, 58-unit multifamily property located on Burke Avenue in the Bronx, NY. The loan features a rate of 3.13% and a five-year term. This transaction was negotiated by Michael Kesselman.
- A new mortgage in the amount of $5,000,000 on a three-story, 11-unit mixed-use property with 2,100 square feet of retail space located on Fourth Avenue in Brooklyn, NY. The loan features a rate of 3.13% and a five-year term. Morris Diamant and Tzvi Krieger negotiated this transaction.
- A new mortgage of $3,250,000 was placed on a five-story, 31-unit multifamily property located on Morris Avenue in the Bronx, NY. The loan features a rate of 3.13% and a five-year term. This transaction was negotiated by Alan Friedman and Eric Chapek.
- A new mortgage in the amount of $2,000,000 on a six-story, 49-unit cooperative property located on Clinton Street in Brooklyn, NY. The loan features a rate of 3.13% and a seven-year term. Allan Lieberman and Asher Haft negotiated this transaction.
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Deerwood Real Estate Capital announced the following transactions:
- A $9 million non-recourse bridge loan on a 100,000 s/f multi-tenant office building in Montvale, NJ. Despite significant delays and difficulties caused by the seller, Deerwood closed at even more competitive terms than initially agreed upon. The loan was funded at 80% of the purchase price and an additional future-funded amount of 100% of leasing cost and capital expenses. Deerwood’s Yaakov Leiser negotiated the deal.
- A $20.8 million, non-recourse construction loan for a 45-unit condominium project in Harlem. Deerwood was able to arrange a 75% LTC loan with an A/B structure, which combined the senior and subordinate financing into a loan and allowed the sponsor to close with one lender.
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Eastern Union Funding announced the following transactions:
- A $3,100,000 first lien mortgage for the Refinance of a 16 unit Multi-Family on Throop Ave in Brooklyn, NY. This transaction was arranged by Michael Muller.
- A $3,120,000 first lien mortgage for the Refinance of a 8 unit Multi-Family on Clay St in Brooklyn, NY. This transaction was arranged by Meir Kessner,Nate Hyman and David Metzger.
- A $1,225,000 first lien mortgage for the Refinance of a 3 unit Multi-Family on Classon Ave in Brooklyn, NY. This transaction was arranged by Abe Kolman.
- A $1,350,000 first lien mortgage for the Refinance of a Multi-Family 12 unit on Scholes St in Brooklyn, NY. This transaction was arranged by Motti Blau.
- A $2,813,000 first lien mortgage for the Refinance of a Multi-Family 17 unit on E 96th St in Brooklyn, NY. This transaction was arranged by Isaac Sternhill.
- A $1,360,000 first lien mortgage for the Acquisition of a Multi-Family 4 unit on Stagg St in Brooklyn, NY. This transaction was arranged by David Metzger and Nate Hyman.
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Emerald Creek Capital, LLC provided 2 loans totaling $4,620,000 for the following transactions:
- A $2,470,000 acquisition loan in the Greenpoint neighborhood of Brooklyn, NY. Situated on a 2,500 SF lot, the site is improved with a 4,000 SF, three-story mixed-use building. The site allows for an additional 6,000 SF of zoning floor area. The loan was originated by Mike Cleaver.
- A $2,150,000 loan in the East Harlem neighborhood of Manhattan. Situated on a 2,600 SF lot, the site is improved with a 8,500 SF, sixteen-unit multi-family building. The loan was originated by Mike Cleaver.
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GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $23,105,000 for the following properties:
- $12,445,000 combined financing for a portfolio of 5 multifamily apartment buildings containing a total of 40 units and 3,000 square feet of commercial space, located throughout Brooklyn, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this portfolio.
- $4,835,000 for a six-story multifamily apartment building containing 39 apartments, located on Riverside Drive in Manhattan, New York. Louis Perlmutter, Senior Broker of GCP Capital Group, arranged the financing for this property.
- $2,675,000 for a four-story apartment building containing 19 units, located on Hegeman Avenue in Brooklyn, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this property.
- $1,950,000 for a newly renovated three-story apartment building containing 5 units, located on Dean Street in Brooklyn, New York. Matthew Albano, Senior Broker of GCP Capital Group, arranged the financing for this transaction.
- $1,200,000 for a four-story multifamily apartment building containing 9 units, located on Leggett Avenue in the Bronx, New York. Stephen Katz, Senior Associate of GCP Capital Group, arranged the financing for this property.
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Holliday Fenoglio Fowler, L.P. (HFF) arranged $9.2 million in construction bridge financing to renovate a vacant, 160,575 s/f industrial property at 99 Avenue A in Bayonne, New Jersey. HFF worked on behalf of the developer, Penwood Real Estate Investment Management, LLC, to place the construction bridge loan with First Bank NJ. Proceeds will be used to rehabilitate the existing building and prepare the excess 11 acres for the future development of a 175,000 s/f state-of-the-art, Class A warehouse distribution building. 99 Avenue A is a former Unilever and Best Foods processing plant that will be converted into a Class A, single-tenant industrial property. The HFF debt placement team representing the borrower was led by director Michael Klein.
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Pergolis Swartz Associates Inc. announced the following transactions:
- Len Solinsky obtained acquisition financing in the amount of $1,025,000 for three apartment buildings on Dean Street in Brooklyn.
- Barry Swartz closed a permanent loan in the amount of $3,000,000 for two 5-story apartment buildings with a total of 20 units on East First Street in Manhattan.
- Barry Swartz arranged permanent financing in the amount of $6,000,000 for a four story apartment building with 16 units on West 10th Street in Manhattan.
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W Financial announced the following deals closed by David Heiden and Jarret Schochet:
- A $6.5 million bridge loan secured by a development site in Williamsburg. The borrower is developing a seven-story, 75-unit, mixed-use building with a15,000 s/f of ground-floor retail. The borrower required a short-term bridge loan as the closing of their committed construction loan was delayed. The seller, a joint venture partner in the development, intended to utilize the sales proceeds for a 1031 exchange. W Financial funded the bridge loan, allowing the transaction to close on time and to preserve the 1031 exchange. W’s loan will be repaid upon the closing of the construction loan.
- A $3.4 million bridge loan for the acquisition of a residential development site on East 2nd Street between Avenue C and Avenue D, in the East Village. The borrower plans to construct a boutique luxury condominium of 9 full-floor units. The owner required the loan to close quickly and secure the purchase at an attractive basis.
- A $2.55 million bridge loan for the acquisition of a three-story, 40,777 s/f medical office building in King of Prussia, near Philadelphia, Pennsylvania. The borrower is a substantial investor and a repeat borrower who owns properties throughout New York, New Jersey and Pennsylvania. At closing, a large portion of the property was vacant. Once fully occupied, the borrower plans to refinance the W Financial loan with a traditional bank loan.
- A $2.25 million bridge loan collateralized by a vacant mixed-use co-op unit, which consists of a small retail storefront and a larger residential apartment located on North Moore Street (between Hudson and Greenwich Streets) in Tribeca. The borrower utilized W Financial to refinance an existing loan and plans to repay the W Financial loan with the proceeds from an eventual sale.
- A $1.55 million first mortgage loan collateralized by a vacant commercial property located on 57th Avenue in Elmhurst, Queens. The borrower purchased the property using seller financing which had an impending maturity. The W Financial loan was used to refinance a portion of the existing first mortgage with the borrower providing the balance. The owner intends to either lease the property as-is or redevelop it.
