W Financial provided the following bridge loans, which were handled by Jarret Schochet, David Heiden, Andrew Singer and TJ Randall:
• An $11,200,000 first mortgage construction loan secured by a seven-building, 72-unit, for-sale townhome project lin Glen Cove, NY. The total loan amount was $16 million, with another lender having a $4,800,000 junior position. W Financial funded an initial draw of $6,098,357 at the closing, as the development is mid-construction and the junior participant had already closed on the deal and had been funding construction draws before bringing W into the deal. W Financial will fund additional construction draws as progress is made and verified and then expects to be repaid with the sale of the townhouses.
• A $2,500,000 bridge loan secured by a first mortgage on a mixed-use property with five residential units and a ground-floor retail space, located on West 44th Street in Midtown West. The borrower had no debt on the property and needed to access some of his equity. He plans to market the building for sale in the near future and then plans to repay the W Financial loan when the sale closes.
• A $1,000,000 bridge loan secured by a first mortgage on a 2-bedroom, 2-bath condo located on the 41st floor of a 42-story, 250-unit, luxury building in Murray Hill. The borrower needed the proceeds of the bridge loan by year-end for tax purposes.
Victory Capital announced the following transactions:
• A $1,100,000 loan with a five-year term at a 4% rate to refinance a vacant, three-story, mixed-use dwelling with two, two-bedroom apartments and one commercial unit to be used as a restaurant. The property, located in Bensonhurst, Brooklyn, is an 80% complete condo project. The building will be an over 10,000 s/f, eight-unit, four-story walkup residential building. Michael Bivona arranged the transaction.
• Michael Bivona and Max Goveia arranged a $3,400,000 loan at fixed 4.75% rate for 5 years and 25 year amortization with a local Bank. The property is located in Bushwick. The 10,000 s/f building is one-story with three commercial units and 100 feet of store frontage. Two units are leased and the third unit is being marketed.
• A $5,300,000 loan at 4.5% with two years of interest only, collateralized by a four-story, mixed use dwelling in Tribeca. The building is composed of three residential units and one commercial unit, all of which were vacant and gutted at the time of closing. The sponsor needed funding to renovate and stabilize the property.
• $1,900,000 collateralized by three single family properties in Great Neck, Kew Gardens, and College Point. Each loan was fixed for seven years at a collective rate of 4.2%.
GCP Capital Group arranged mortgage financing for the following properties:
• $10,130,000 for a portfolio of five multifamily apartment buildings containing a total of 105 units and 1,360 s/f of commercial space, located throughout Upper Manhattan, New York. Adam Brostovski arranged the financing.
• $6,700,000 for a two-story retail/office building comprised of 28,000 square feet, located in the Allerton neighborhood of the Bronx. Alan Perlmutter arranged the financing.
• $6,675,000 for an eight-story mixed-use building containing 6 residential units and 3 commercial units, located on Fifth Avenue in Manhattan. Matthew Classi arranged the financing for this transaction.
• $4,600,000 for a four-story mixed-use building containing 37 residential units and 3,440 square feet of retail space, located on East 12th Street in Brooklyn. Paul Greenbaum arranged the financing.
Guardhill Financial announced the following transactions:
• A new mortgage in the amount of $2,000,000. The loan is a 30-year fixed with an 80% loan-to-value on the purchase of a 3-family home.
• A new mortgage in the amount of $1,990,000. The loan is a rate and term refinance of an investor-owned co-op.
• A new mortgage in the amount of $1,400,000. The loan is a rate and term refinance to a 10/1 interest-only mortgage. The borrower qualified using asset depletion for income.
Meridian Capital announced the following transactions:
• A new mortgage of $9,600,000 on a 62-unit multifamily located on Pelham Parkway South in the Bronx. The loan features a rate of 3.25% and a seven-year term. This transaction was negotiated by Moe Rosenblum.
• A new $7,000,000 mortgage on a 147-unit co-op located on Pearsall Avenue in Glen Cove, NY. The loan features a rate of 3.30% and a 10-year term. Avi Geller and Nicoletta M. Pagnotta negotiated this transaction.
• A new $5,425,000 mortgage on a 9-unit multifamily located on East 7th Street in New York. The loan features a rate of 3.30% and a seven-year term. This transaction was negotiated by Shamir Seidman and Daniel Neiss.
• A $4,950,000 new mortgage on a 43-unit multifamily property located on Hull Avenue in the Bronx, NY. The loan features a rate of 3.25% and a seven-year term. Moe Rosenblum negotiated this transaction.
• A new mortgage of $1,975,000 was placed on a 12-unit multifamily property on East 142nd Street in the Bronx. The loan features a rate of 3.25% and a seven-year term. This transaction was negotiated by Morris Diamant and Tzvi Krieger.
• A new mortgage of $1,500,000 on a six-unit mixed-use property located on Rockaway Boulevard in Jamaica, NY. The loan features a rate of 3.17% and a 10-year term. David Oheb negotiated this transaction.
Eastern Union Funding announced the following transactions:
• A $13,000,000 first lien mortgage for the refinance of a 45-unit land property Brooklyn, NY. This transaction was arranged by David Eisen.
• A $7,200,000 first lien mortgage for the refinance of a 47-unit multifamily property in Bronx, NY. This transaction was arranged by Ira Zlotowitz, Abraham Bergman, Michael Muller.
• A 5,550,000 first lien mortgage for the refinance of a 123-unit multifamily property on in Independence, MO. This transaction was arranged by Jeffrey Seidenfeld and Marc Wingate.
• A $2,725,000 first lien mortgage for the refinance of a 8-unit multifamily property in Brooklyn,NY. This transaction was arranged by Jay Tyberg.