Meridian announced the following transactions:
A new mortgage of $1,270,000 was placed by Meridian on a three-story, 12-unit multifamily property located on Oakwood Road in Huntington, NY. The loan features a rate of 2.75 percent and a three-year term. This transaction was negotiated by Aaron Birnbaum and Dani Sabesan.
Meridian negotiated a new mortgage in the amount of $18,000,000 on a six-story, 57,000 square foot office property located on Spring Street in New York, NY. The loan features a rate of 3.55 percent and a 10- year term. Cary E. Pollack and Charles Grussgott negotiated this transaction.
A new mortgage of $7,300,000 was placed by Meridian on a six-story, 64-unit multifamily property located on Westminster Road in Brooklyn, NY. The loan features a rate of 3 percent and a five-year term. This transaction was negotiated by Scott Assouline and Jacob Nefoussi.
Meridian negotiated a new mortgage in the amount of $5,000,000 on a six-story, 43-unit multifamily property located on 72nd Road Avenue in Forest Hills, NY. The loan features a rate of 2.88 percent and a five-year term. Carol Shelby and Dani Sabesan negotiated this transaction.
A new mortgage of $2,000,000 was placed by Meridian on a four-story, 38-unit multifamily property located on Woodhaven Boulevard in Jamaica, NY. The loan features a rate of 3.38 percent and a 15-year term. This transaction was negotiated by Simon Rosenfeld and Jacob Salzberg.
Meridian negotiated a new mortgage in the amount of $1,500,000 on a three-story, three-unit mixed-use property with 2,300 square feet of retail space located on 17th Avenue in Brooklyn, NY. The loan features a rate of 3.38 percent and a five-year term. Shamir Seidman and Marko Kazanjian negotiated this transaction.
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GCP Capital Group LLC has arranged mortgage financing in the aggregate amount of $42,330,000 for the following properties:
$19,500,000 combined financing for a package of three mixed-use apartment buildings containing a total of 113 apartments and approx. 11,650 square feet of retail space, located in Manhattan and the Bronx, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
$9,030,000 combined financing for 2 five-story apartment buildings with 34 units and 2 stores, located on East 149th Street in the Bronx and a six-story apartment building containing 53 units, located on East 51st Street in Brooklyn, New York. Stephen Katz, Senior Associate of GCP Capital Group, arranged the financing for these properties.
$8,000,000 for 2 contiguous five-story mixed-use buildings containing a total of 12 apartments and 5,800 square feet of retail space, located on West 8th Street in Manhattan, New York. Matthew Albano, Senior Broker of GCP Capital Group, arranged the financing for this transaction.
$3,150,000 for a six-story multifamily building containing 20 apartments and 2 commercial units, located on Morris Avenue in the Bronx, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
$2,650,000 for a two-story office building comprised of 21,500 square feet, located in Great Neck, Nassau County, New York. David Sessa, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
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Love Funding closed a $5.5 million loan to be used for the acquisition and renovation of Wesley Highland Meadows Apartments, a 200-unit Section 8 apartment community in Memphis, Tennessee.
The property is being purchased by Wesley Housing Corporation of Memphis, a non-profit that owns and/or manages more than 2,040 units of elderly and assisted living projects in Tennessee, Kentucky and Arkansas. As part of the purchase agreement, the buyer will renew the property’s Section 8 contract for an additional 20 years. Love Funding Senior Director
William E. Jones Jr. secured the financing through a pilot program established by the U.S. Department of Housing and Urban Development for expedited processing of loan applications that tap low-income housing tax credits for the purchase or refinancing of affordable apartment communities. The non-recourse nature of the loan enabled the borrower to lock in a low interest rate for the duration of the 35-year term and finance.
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Eastern Union announced the following transactions:
- A $2,300,000 first lien mortgage to refinance a 16 unit multi-family on Atlantic Ave in Brooklyn, NY. This transaction was negotiated by Moti Blau.
- A $1,990,000 first lien mortgage to refinance a 10 unit multi-family on Duffield St in Brooklyn, NY. This transaction was negotiated by David Eisen.
- A $1,275,000 first lien mortgage for the acquisition of a 10 unit multi-family on Lenox Rd in Brooklyn, NY. This transaction was negotiated by Motti Blau.
- A $2,685,000 first lien mortgage for the acquisition of a mixed-use, with two units on Georgia Ave, in Silver Spring, MD. This transaction was negotiated by Marc Tropp.
- A $1,850,000 first lien mortgage for the acquisition of an industrial property, located on Elizabeth Ave, in Rahway, NJ. This transaction was negotiated by Michael Muller.
- A $1,185,000 first lien mortgage for the acquisition of a multi-family on Bushwick Ave in Brooklyn, NY. This transaction was negotiated by Motti Blau.
- A $4,450,000 first lien mortgage for the acquisition of a mixed-use, with 21 units, in New Jersey. This transaction was negotiated by Ira Zlotowitz and Michael Muller.
