Meridian Capital announced the following transactions:
• A new mortgage of $6,265,000 on a six-story, 49-unit multifamily property located on West 160th Street in New York, NY. The loan features a rate of 2.63% and a 3-year term. This transaction was negotiated by Avi Weinstock and Michael Farkovits.
• New mortgages totaling $21,210,000 on two multifamily properties composed of 120 units located on East 9th and 21st Streets in Brooklyn, NY. The loans feature rates of 3.13% and 10-year terms. Marvin Jeremias negotiated these transactions.
• A new mortgage of $17,460,000 was placed on a six-story, 53-unit multifamily property located on Pinehurst Avenue in New York, NY. The loan features a rate of 3.13% and a five-year term. This transaction was negotiated by Avi Weinstock and Chaim Tessler.
• New mortgages totaling $10,290,000 on five multifamily properties composed of 48 units located on Brooklyn Avenue, Malcom X Boulevard, Pacific Street, Palmetto Street and MacDonough Street in Brooklyn, NY. The loans feature rates of 2.98% and three-year terms. Shamir Seidman and Daniel Neiss negotiated these transactions.
• A new mortgage of $7,820,000 was placed on a four-story, 51-unit multifamily property located on Lincoln Place in Brooklyn, NY. The loan features a rate of 2.98% and a five-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.
• A new mortgage in the amount of $2,800,000 on a six-story, seven-unit multifamily property located on Clermont Avenue in Brooklyn, NY. The loan features a rate of 3.13% and a five-year term. Shamir Seidman and Daniel Neiss negotiated this transaction.
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GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $71,650,000 for the following properties:
• $35,000,000 for a three-story industrial building comprised of 301,000 square feet, located in Long Island City, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for this property.
• $15,000,000 for a 21-unit retail strip center comprised of 79,100 rentable square feet, located on Bruckner Boulevard in the Bronx, New York. Louis Perlmutter, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
• $7,650,000 for six contiguous two-story multifamily apartment buildings containing a total of 120 units, located on Hollis Avenue in Queens, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $7,500,000 for a six-story multifamily apartment building containing 28 units and 1,500 square feet of commercial space, located on Waverly Place in Manhattan, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $6,500,000 for 2 five-story multifamily apartment buildings containing a total of 25 units and 2,700 square feet of commercial space, located on Amsterdam Avenue in Manhattan, New York. Matthew Classi arranged the financing for this property.
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Houlihan-Parnes Realtors LLC announced the following transactions:
• Ed Graf arranged for 1st mortgage re-financing for a multi-family property, consisting of 160 apartments located at 318, 319, 400-604 E. Bloomfield Street, City of Rome, Oneida County, NY. The non-recourse loan, in the amount of $3,800,000, is fixed at 4.25% for 5 years. The first year has interest only payments and years 2 through 5 have 30 year amortization payments. The borrower has a 5 year extension option. The loan can be prepaid with a prepayment premium at a descending rate. The borrower was represented in the transaction by Steve Tierney of Woods, Oviatt.
• Ed Graf arranged a new $600,000 first mortgage on 3-5-7 Main Street, Haverstraw, NY. The 2-story, mixed-use building, just off Broadway in the downtown area, has seven residential units and three commercial tenants. The non-recourse loan is fixed for five years at 4.25% interest, with a 30-year amortization schedule. The loan is prepayable throughout the term on a sliding-scale basis, plus the borrower has an option to extend the term for an additional five years.
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Eastern Union Funding arranged the following transactions:
• A $3,036,000 first lien mortgage with 3.59% interest for the acquisition of a 69-bed senior living center in New Bedford, MA. This transaction was negotiated by Nate Hyman and David Metzger
• A $6,400,000 first lien mortgage for a 39,900 SF health clinic in Monmouth, NJ. This transaction was negotiated by Jonathan Singer
• A $4,400,000 construction loan for 19 planned units in Brooklyn, NY. This transaction was negotiated by Meir Kessner, David Metzger and Nate Hyman
• A $2,700,000 first lien mortgage at 3.5% for the acquisition of a 29,000 SF retail/shopping plaza in Plainfield, NJ. This transaction was negotiated by David Eisen
• A $4,500,000 first lien mortgage at 3.25% for the acquisition of a 44-unit multifamily on Gerard Avenue in Bronx, NY. This transaction was negotiated by Michael Muller and Mike Orlik
• $6,000,000 first lien mortgage at 3.35% for the acquisition of a 55-unit mixed-use on Gerard Avenue in Bronx, NY. This transaction was negotiated by Mike Orlik and Michael Muller.
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W Financial, a Manhattan-based direct lender, has provided the following bridge loans:
• A $4 million second mortgage secured by a large loft building on Metropolitan Avenue in Williamsburg, Brooklyn. W Financial had originally funded a $1.5 million first mortgage loan in June 2012 to finance part of the acquisition price. Since then, the developer negotiated and completed buyout agreements with IMD (Interim Multiple Dwelling) tenants in order to vacate the building and unlock significant value. Once plans have been filed and the developer receives his building permit, the borrower intends to refinance the bridge loan with a bank construction loan.
• A $3.5 million bridge loan collateralized by a two-story industrial property located on Eckford Street in the Greenpoint neighborhood of Brooklyn. The borrowers had originally purchased the property all cash and are now in the process of obtaining approvals from the DOB (Department of Buildings) to convert the property to a hotel. Once the plans and approvals have been finalized, the borrowers intend to obtain a conventional construction loan to continue the development of the property.
• A $2.5 million bridge loan utilized to acquire a 5,100 square foot building located on Henry Street in Manhattan’s Lower East Side neighborhood, which will be demolished and redeveloped. The borrower needed the bridge loan in order to close quickly on the purchase of the property and plans to refinance the W Financial bridge loan with a construction loan provided by a local bank.
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Walker & Dunlop, Inc. announced the following transactions:
• A $4,969,600 loan for Creekside Villas, a memory care facility in Murfreesboro, Tennessee for TDK Companies. Managing Directors, David Strange and Keith Melton, led the Walker & Dunlop team. The mortgage was structured as a 40-year, non-recourse, fixed rate construction and permanent loan by using the U.S. Department of Housing and Urban Development’s Section 232 loan program. The loan represents 90% of the replacement cost of the property. Creekside Villas is the second phase to the Creekside at Three Rivers, a 79-bed independent living facility.
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Pergolis Swartz Associates Inc. closed on the following transactions:
• Len Solinsky arranged construction financing in the amount of $2,200,000 for a to be built 10 unit residential apartment building on Gates Avenue in Brooklyn.
• Len Solinsky obtained construction financing in the amount of $2,000,000 for a to be built apartment building with 10 units and one commercial space on Humboldt Street in Brooklyn.
• Richard Pergolis closed a permanent mortgage in the amount of $3,500,000 for a single story commercial building on 86th Street in Brooklyn.
• Richard Pergolis arranged for a permanent mortgage in the amount of $1,000,000 for a single story commercial property on Third Avenue in Manhattan.
• Richard Pergolis negotiated permanent financing in the amount of $1,500,000 for a single story commercial building on Nostrand Avenue in Brooklyn.
• Len Solinsky arranged for construction financing in the amount of $3,000,000 for a 10 unit apartment building on Manhattan Avenue in Brooklyn.
• Richard Pergolis obtained a bridge loan in the amount of $1,000,000 for a three story walk-up with 6 residential units located on Stanhope Street in Brooklyn.
• Barry Swartz closed permanent financing in the amount of $14,500,000 for a six story apartment building containing 44 residential units and 2 stores located on Prince Street in Manhattan.
