Meridian Capital announced the following transactions:
- A new mortgage of $6,500,000 was placed on a 28-unit multifamily property located on Patten Avenue in Long Branch, NJ. The loan features a rate of 2.875% and a three-year term. This transaction was negotiated by Paul Gilbert and Jim Bologno.
- New mortgages totaling $16,350,000 on three multifamily properties comprised of 55 units located on East 13th and East 14th Streets in New York, NY. The loans feature rates of 2.92% and five-year terms. Judah Hammer and Daniel Neiss negotiated these transactions.
- A new mortgage in the amount of $9,000,000 was placed on a seven-story, 12-unit multifamily property located on East 67th Street in New York, NY. The loan features an initial rate of 3.00% and a seven-year term. Avi Weinstock and Chaim Tessler negotiated this transaction.
- A new mortgage of $8,000,000 on a mixed-use commercial property totaling 32,000 square feet of retail and office space located on West 181st Street in New York, NY. The loan features a rate of 3.00% and a three-year term. This transaction was negotiated by Allan Lieberman and Asher Haft.
- A new mortgage of $2,200,000 was placed on a 36-unit multifamily property located on Wayne Avenue in Philadelphia, PA. The loan features a rate of 3.00% and a five-year term. This transaction was negotiated by Scott Jackson and David Fisher.
- New mortgages totaling $2,000,000 on two multifamily properties comprised of 20 units located on West 87th and West 96th Streets in New York, NY. The loans feature rates of 3.00% and five-year terms. Jacob Schmuckler and Eli Serebrowski negotiated these transactions.
GCP Capital Group has arranged mortgage financing in the aggregate amount of $69,800,000 for the following properties:
- $33,000,000 for 2 six-story multifamily apartment buildings containing a total of 91 units, located in Upper Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing.
- $23,500,000 for a six-story apartment building containing 70 units, located on DeKalb Avenue in Brooklyn, New York. Paul Greenbaum arranged the financing.
- $8,500,000 for the gut renovation of an existing six-story building to be converted into five apartments with ground floor retail space, located on East 80 th Street in Manhattan, New York. Matthew Albano, Senior Broker, and Adam Brostovski, Principal, arranged the financing for this transaction.
- $2,800,000 for three contiguous four-story mixed-use buildings containing a total of 20 loft-style apartments and 3 commercial units, located in Yonkers, New York. Adam Brostovski arranged the financing.
- $2,000,000 for a single-tenant, one-story commercial building comprised of 7,500 square feet, located on Westchester Avenue in the Bronx, New York. Alan Perlmutter, Managing Member, arranged the financing.
Highcap Group announced that Michael Becker, Director of Finance, and Michael Ferrara, Senior Director, arranged a $6,900,000 refinancing for 312-314 Bleecker Street, a retail condominium in the West Village. The CMBS loan from Cantor Commercial Real Estate has a term of 10 years and is interest only with a rate of 3.65%. The condo is a 100% occupied and consists of 2,700 s/f on the ground floor with an 1,800 s/f basement. Tenants that occupy the spaces are A.O.C Restaurant & See Eyeware who both recently renewed their leases.
Houlihan-Parnes Realtors has arranged an underlying cooperative loan secured by a 1st mortgage in the amount of $1,700,000 encumbering a property located at 3520 Tryon Avenue in the Williamsbridge neighborhood of the Bronx. Jeremiah Houlihan was the broker. The property is improved with a 7-story brick and multi-family co-operative apartment building constructed in 1962 containing one self-service elevator, 63 apartments, 5 garage spaces, 9 outdoor parking, gardens and marble lobby. There is a full basement containing all of the electrical and gas meters, storage lockers as well as the oil burning boiler.
The loan was placed with a Savings Bank for a 12-year term at a 7-yr fixed interest rate of 3.75% on a 30-yr amortization schedule with an interest rate reset in year 8 at 300 basis points above the then 5-yr FHLBNY rate. The Lender charged a no commitment fee and the loan has a sliding scale penalty of 5-5-4-4-3-2-1% for the 7 year period in the case of prepayment.
Eastern Union Funding announced the following transactions:
- A $42,750,000 first lien mortgage for the acquisition of a flex office park in Memphis, TN. This transaction was arranged by Michael Muller.
- A $17,000,000 first lien mortgage for a 72,500 SF, 73-unit mixed-use on Tiffany Pl. in Brooklyn, NY. This transaction was arranged by Jeffrey Seidenfeld.
- A $4,300,000 first lien mortgage for the refinance of a 43-unit multifamily on Dahill Rd. in Brooklyn, NY. This transaction was arranged by Jack Beida and Michael Muller.
- A $3,000,000 first lien mortgage for the refinance of a 5-unit mixed-use on Nostrand Ave. in Brooklyn, NY. This transaction was arranged by Meir Kessner and Abraham Koenig.
- A $2,300,000 first lien mortgage for the refinance of a 21,000 SF, 5-unit retail on Reisterstown Rd. in Pikesville, MD. This transaction was arranged by Marc Tropp.
- A $2,100,000 first lien mortgage for the refinance of a 7-unit mixed-use on Smith St. in Brooklyn, NY. This transaction was arranged by Alex Freund.
- A $2,100,000 first lien mortgage for the refinance of a 40-unit multifamily on South Munn Ave. in East Orange, NJ. This transaction was arranged by Ira Zlotowitz.
- A $1,950,000 first lien mortgage for the refinance of a 7-unit mixed-use on Northern Blvd. in Corona, NY. This transaction was arranged by David Betesh.
- A $1,200,000 first lien mortgage for the refinance of a 6-unit mixed-use on Metropolitan Ave. in Ridgewood, NY. This transaction was arranged by Motti Blau.
- A $1,200,000 first lien mortgage for the refinance of a 20-unit multifamily on 92nd St. in Brooklyn, NY. This transaction was arranged by Jack Beida.
- A $1,125,000 first lien mortgage for the acquisition of a 6-unit multifamily on Scott A Gadell Pl. in Far Rockaway, NY. This transaction was arranged by Michael Muller.
- A $1,025,000 first lien mortgage for the refinance of a 6-unit mixed-use on Lewis Ave. in Brooklyn, NY. This transaction was arranged by Alex Freund.
W Financial has provided the following bridge loans which were originated by David Heiden, Jarret Schochet and Andrew Singer:
- A $1,550,000 bridge loan secured by three cash-flowing condominium units in Williamsburg, Brooklyn. This repeat borrower plans to repay the W Financial loan either from cash flow or by refinancing with a conventional lender.
- A $1,450,000 second mortgage secured by a multi-family building located on Berry Street in Williamsburg. W Financial had provided a $1,600,000 acquisition loan in March 2014. Since that closing, the borrower obtained approvals and permits and commenced construction. The borrower needed the second mortgage to complete the construction.
- A $525,000 first mortgage loan secured by an eight-unit, multi-family, walk-up building located on Bergen Street, between Carlton and Sixth Avenues in the Prospect Heights section of Brooklyn. The borrower required the bridge loan to refinance a maturing first mortgage. The borrower plans to renovate one vacant unit, and then plans to repay the W Financial loan with a conventional bank loan.
- A $1,000,000 first mortgage loan secured by an 18,000 s/f property located on Bedford Avenue, between Rodney and Keap Streets in the Williamsburg section of Brooklyn. The buyer and seller had been involved in an ongoing dispute, and the sale is the result of third party arbitration. The seller is a school which will remain as a tenant in the property for three years. The borrower is using the bridge loan to acquire the property, and plans to refinance the W Financial loan with a conventional bank loan upon the expiration of the lease.
- A $7,300,000 loan secured by a portfolio of more than 50 Sponsor-owned, co-operative apartments located in five pre-war co-operative buildings in prime neighborhoods in Manhattan. The owner, a local real estate investor and the son of the original Sponsor that converted these buildings from rentals to co-ops, owned the units free and clear. He is tapping into his considerable equity and utilizing the W Financial loan to generate liquidity to enable him to expand his business. The borrower will repay the W Financial loan based upon a predetermined release price schedule as the individual units are sold over time.
- A $7,250,000 first mortgage loan secured by two, one-story industrial properties totaling approximately 24,860 s/f. The properties are located on Walworth and Sanford Streets, at the border of the Williamsburg and Bedford Stuyvesant neighborhoods in Brooklyn. The borrower previously purchased the properties in an all-cash transaction and is using the W Financial loan to recoup a portion of their capital investment. The seller is currently occupying the space subject to a short-term lease and plans to relocate their business. Once the space has been vacated, the borrower will seek a market-rate tenant, and then plans to repay the W Financial loan with a conventional bank loan.
- A $1,500,000 first mortgage loan secured by two wooded, quiet private lots, one of which has a large, partially-completed luxury home on Old Wheatley Road in Old Westbury, Long Island, NY. The borrower needed the W Financial loan to free up cash to complete an unrelated business venture. The collateral is currently under contract to be