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Debt & Equity

Transactions: Meridian’s $8.1M mortgage in Manhattan, Hunt’s $3.8M loan in Tampa

Meridian Capital announced the following transactions:

  • A new mortgage in the amount of $8,100,000 on a five-story, 41-unit multifamily property located on West 139th Street in New York, NY. The loan features a rate of 2.75% and a three-year term. Steven Rubenstein and David Bollag negotiated this transaction.
  • A new mortgage of $5,500,000 on a five-story, 49-unit multifamily property located on Decatur Avenue in the Bronx, NY. The loan features a rate of 3.125% and a five-year term. This transaction was negotiated by Scott Assouline and Jacob Nefoussi.
  • A new mortgage in the amount of $4,000,000 on a five-story, 53-unit multifamily property located on Bainbridge Avenue in the Bronx, NY. The loan features a rate of 3.125% and a five-year term. Scott Assouline and Jacob Nefoussi negotiated this transaction.
  • A new mortgage of $2,515,000 on an eight-unit multifamily property located on Franklin Avenue in Brooklyn, NY. The loan features a rate of 3.00% and a five-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.
  • A new mortgage in the amount of $1,775,000 on a six-unit multifamily property located on 15th Street in Brooklyn, NY. The loan features a rate of 3.125% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.
  • A new mortgage of $1,000,000 on an eight-unit multifamily property located on Ross Street in Brooklyn, NY. The loan features a rate of 3.31% and a five-year term. This transaction was negotiated by David Bollag.

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Hunt Mortgage Group provided a $3.75 million bridge loan to finance the acquisition of The Place Apartments on Davis Island in Tampa, Florida. The Borrower is The Place Apartments, LLC, backed by Kip Kula, Jamie Kula, and The Kula Family Trust. The loan is structured as a six-month floating rate loan with no extension options. Bill Papagno, Director in the Small Balance Loan Team at Hunt Mortgage Group said the Place Apartments is a 40-unit multifamily property built in 1972, and features a unit mix of 28 non-renovated and 12 renovated units. The property sits on a 1.3 acre site, and units are dispersed among two separate two-story buildings. The Place Apartments is currently 95% occupied.

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Emerald Creek Capital LLC provided two loans totaling $6,400,000 for the following transactions:

  • A $3,200,000 bridge loan in Denver, CO. The subject property is a 30 unit apartment building containing a total of 26,808 s/f. The building is newly constructed and recently received its TCO. Emerald’s loan was used to refinance the maturing construction loan. This loan was originated by Mike Cleaver.
  • A $3,200,000 bridge loan in Miami, FL. The subject property is a 6,967 square foot penthouse unit set in a forty-six story luxury residential tower. The condominium is located in the Brickell neighborhood of Miami which is South Florida’s major financial district. Emerald’s loan was used to refinance the maturing acquisition loan. The loan was originated by Mike Cleaver.

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Eastern Union Funding announced the following transactions:

  • A $4,500,000 first lien mortgage for the refinance of a 47-unit multifamily on 43rd Street in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz.
  • A $2,362,500 first lien mortgage for the refinance of a 40-unit multifamily on Quinnipiac Ave. in New Haven, CT. This transaction was arranged by David Eisen.
  • A $1,875,000 first lien mortgage for the refinance of a 3-unit, 4,180-square-foot shopping center on Kings Hwy. in Brooklyn, NY. This transaction was arranged by Jack Beida.
  • A $1,500,000 first lien mortgage for the refinance of a 3-unit multifamily on Greene Ave. in Brooklyn, NY. This transaction was arranged by David Metzger and Nate Hyman.
  • A $1,390,000 first lien mortgage for the refinance of a 6-unit multifamily on Linwood Street in Brooklyn, NY. This transaction was arranged by Motti Blau.
  • A $1,200,000 first lien mortgage for the refinance of a 6-unit multifamily on Sackman Street in Brooklyn, NY. This transaction was arranged by Motti Blau.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $20,200,000 for the following properties:

  • $7,600,000 for a five-story multifamily apartment building 67 units and approx. 5,950 square feet of retail space, located on Eighth Avenue in Manhattan, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
  • $5,500,000 for a two-story medical office building comprised of 19,800 square feet, located in the Astoria section of Queens, New York. Matthew Classi arranged the financing for this transaction.
  • A second mortgage in the amount of $3,600,000 for a seven-story mixed-use building comprised of approx. 91,840 square feet, located in Hempstead, Nassau County, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
  • $3,500,000 for a one-story retail building comprised of 11,400 square feet, located on Merrick Boulevard in Queens, New York. Paul Greenbaum arranged the financing for this transaction.

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Andrew M. Greenspan of Houlihan-Parnes Realtors  announces the placement of a $4,200,000 first mortgage on the 5-story office building located at 297 Knollwood Road, in the Town of Greenburgh, White Plains, New York. The non-recourse loan is fixed for 10 years at 4%. The building contains 35,000 rentable square feet with 10,000 square feet occupied by a branch office of the General Services of America – US Social Security Administration. The borrower was represented by Lee Pollock of Pollock & McGuire LLP and title was provided by Ray Cohen of Chicago Title Insurance.

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Marcus & Millichap Capital Corporation announced the following transactions:

  • A $3,852,232 loan for the acquisition of an 8,495 SF triple-net leased retail property in Sanford, Florida. The transaction was arranged by Andrew Dansker, Chris Marks, and Gunnar Wilmot.
  • A $600,000 loan for the refinance of a 6-unit multifamily property on Madison Street in Queens, NY. The transaction was arranged by Andrew Dansker, Gunnar Wilmot, & Jack Hinman.
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