Transactions: Meridian’s $5M mortgage for Central Park North property, GCP Capital’s $25.7M in mortgage financing

Meridian Capital announced the following transactions:

• A new mortgage of $5,000,000 was placed on a five-story, 25-unit multifamily property located on Central Park North in New York, NY. The loan features a rate of 2.63% and a three-year term. This transaction was negotiated by Allan Lieberman and Asher Haft.
• A new mortgage in the amount of $22,000,000 on a 368-unit multifamily building on Shetland Way in Westville, NJ. The loan features a rate of 3.13% and a five-year term. Morris Diamant and Tzvi Krieger negotiated this transaction.
• New mortgages totaling $12,180,000 were placed on three multifamily properties totaling 40 units located on Orchard Street in New York, NY and Johnson Avenue and Scholes Street in Brooklyn, NY. The loans feature rates of 3.12% and five-year terms. These transactions were negotiated by Judah Hammer and Jacob Fischer.
• A new mortgage in the amount of $5,200,000 on a six-story, 20-unit multifamily property located on 3^rd Street in Brooklyn, NY. The loan features a rate of 3.25% and a five-year term. Avi Weinstock and Michael Farkovits negotiated this transaction.
• A new mortgage of $2,700,000 was placed on a five-story, 51-unit multifamily property located on Hughes Avenue in the Bronx, NY. The loan features a rate of 3.15% and a five-year term. This transaction was negotiated by Michael Kesselman.
• A new mortgage in the amount of $1,200,000 on a four-story, 16-unit multifamily property located on Pennsylvania Avenue in Brooklyn, NY. The loan features a rate of 3.13% and a five-year term. Morris Diamant and David Steinmetz negotiated this transaction.
• $4 million in financing for a mixed-use property located in New York. The seven-year loan, provided by JPMorgan Chase, features a competitive fixed-rate of 3.81%. This transaction was negotiated by Brian Flax and Blake Orman. The five-story property is located at 755 Ninth Avenue, in Hell’s Kitchen/Clinton neighborhood. The building is composed of 20 apartments and 2,000 square feet of retail space.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $25,700,000 for the following properties:

• $8,500,000 for a five-story apartment building containing 19 apartments, located on East 89^th Street in Manhattan, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $5,850,000 for a five-story multifamily building containing 21 apartments, located on West 137^th Street in Manhattan, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this property.
• $4,400,000 for 2 adjacent residential buildings containing a total of 53 apartments, located in the Norwood section of the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
• $3,950,000 for a five-story apartment building containing 31 apartments and 1,500 square feet of commercial space, located on West 190^th Street in Manhattan, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $3,000,000 for a five-story mixed-use building containing 7 apartments and 1 commercial unit, located in the Gramercy Park neighborhood of Manhattan, New York. Jack Fried, Senior Associate of GCP Capital Group, arranged the financing for this property.

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North East Community Bank (NECB) provided $9,208,500 in mortgage financing for the following transactions:

• Financed $900,000 for a 3 story walkup with 5 units in Queens Village.
• $650,000 on a 3 story mixed use building in the Borough Park section of Brooklyn.
• Finance $1,500,000 for a 4 story mixed use building in Westchester County, NY
• First mortgage of $664,000 on a 3 story walkup residential building with 6 units in the Williamsbridge section of Brooklyn
• $3,000,000 financed on 5 mixed use buildings in the Borough Park section of Brooklyn.
• $792,000 first mortgage on 2 adjacent multifamily gut-rehab buildings with a total of 8 units in the Bushwick section of Brooklyn.
• First mortgage of $577,500 on a 2 story plus basement walkup residential 5 unit building in Westchester County, NY.
• Financed $1,125,000 for a 3 story plus basement, 5 units mixed use building in the Bushwick section of Brooklyn.

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Walker & Dunlop, Inc. originated a $4,695,600 loan for Brookwood Terrace Apartments in Murfreesboro, Tennessee. Managing Directors David Strange and Keith Melton led the Walker & Dunlop team. The loan was structured as a 223(a)(7) streamline refinance of an existing 221(d)(4) U.S. Department of Housing and Urban Development (HUD) loan, resulting in a 40 year, fixed-rate, fully amortizing, fully assumable, non-recourse loan. Brookwood Terrace was originally financed using a HUD 221(d)(4) new construction loan  with nine percent Low Income Housing Tax Credits (LIHTC). All of the residential units are at 60 percent of Area Median Income (AMI) or less.  Walker & Dunlop was able to extend the loan back to the original 40 year amortization and increase the loan amount back to the original mortgage balance.

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Pergolis Swartz Associates Inc. closed on the following transactions:

• Len Solinsky negotiated a permanent loan in the amount of $1,200,000 for a mixed use property on Amsterdam Avenue in Manhattan.
• Charles Yellen obtained co-op financing in the amount of $5,000,000 for a co-op property on East 72^nd Street in Manhattan.
• Frank Bronner arranged a land loan in the amount of $1,200,000 for land on Prospect Place in Brooklyn.

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Time Equities Inc. announced the closing of 14 loans totaling $168,640,000.00. Director of Mortgage Brokerage at TEI, Stuart Bruck, led the company in the following transactions:

• A $67,500,000 first mortgage ten-year loan, with a rate of 3.71 percent, closed for a Class-A office building in downtown Pittsburgh. The building consists of 16 floors with 290,501 rentable square feet and an expansive car garage, one of the largest garage located next to CONSOL Energy Center, home of the NHL Pittsburgh Penguins.
• A $28,000,000 first leasehold mortgage loan, with a seven-year term and 198 bps over a seven-year bond, closed for a 22-story historical mixed-use building with more than 300,000 of total rentable space. Located in Montreal’s Financial District and built in the early 1900s as the headquarters of the Royal Bank of Canada, the property is known to be one of the area’s most architecturally significant and prestigious buildings.
• A $20,800,000 acquisition and lease-up loan, which offers LIBOR and 245bps, was closed for a term of three years with an option to renew for one additional year in Cleveland, Ohio. The purpose of this loan was to facilitate the acquisition of a six building portfolio compromising of 422,073 square feet of office space located in Cleveland’s Independence and Seven Hills area.
• A $9,450,000 first mortgage loan, with a rate floor of 3.75 percent and a ten-year term, was structured for a community shopping center in Virginia Beach, Va. This shopping center is 100 percent occupied and home to major national tenants.
• A ten-year, $7,500,000 loan, secured by three retail units with a 75 percent LTV, closed for retail and luxury condominium building located in Manhattan’s Tribeca West Historic District.
• A $6,800,000 construction loan has been established to develop a five-story elevator apartment building consisting of 20 units and eight parking spaces in Brooklyn’s Bushwick neighborhood. The loan was structured for five years with a five year extension option and offers a 3.10 percent interest rate.
• A first mortgage loan was secured in the amount of $6,600,000, for a 100-percent occupied newly constructed retail shopping center with 1,900,000 square feet of flexible and distribution space. The center, known as The Central Crossing Business Park, is located in Bordertown, New Jersey.
• A first and second mortgage loan were established totaling $5,500,000 for two adjacent walkup multifamily apartment buildings located Manhattan’s Greenwich Village. The term of the loan is five years with a five year option with the interest rate for the first mortgage at three percent and the second mortgage featuring 185bps and 30 day LIBOR without floor.
• Two loans were closed totaling $5,350,000 for properties located in the Bronx and Mt. Vernon. Structured with a 15-year term at 3.25 percent and fixed for five years, the first mortgage loan was secured by unsold co-op shares located in the Bronx, NY. The first mortgage loan for an existing mixed-use property with a 15-year term and interest rate of 3.125 percent, fixed for the first five years, closed for an existing mixed use property in Mt. Vernon’s Central Business District.