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Debt & Equity

TRANSACTIONS: Middle market loans still closing

CUR Capital LLC, the lending arm of City Urban Realty, through an affiliate entity, has funded a $7,730,000 loan secured by a portfolio of mixed-use buildings in Brooklyn. The funding closed during and despite the current COVID-19 pandemic. The buildings, located at 701 & 703 Fulton Street, 173 Lexington Avenue, and 451 Classon Avenue, total approximately 15,500 square feet. The borrowers, J.J. Fulton Realty Corp. and 451 Classon Corp., required capital to recapitalize and pay off a maturing loan.

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GCP Capital Group arranged mortgage financing in the aggregate amount of $38,575,000 for the following properties:
• $15,000,000 for an 11-story multifamily apartment building containing 86 units, located in Crown Heights, Brooklyn. Adam Brostovski, managing member, arranged the financing for this transaction.
• $9,225,000 for a seven-story multifamily apartment building containing 51 apartments, located on West 151st Street in Manhattan. Paul Greenbaum, managing member, arranged the financing.
• $7,200,000 for a six-story mixed-use building containing 22 residential units and 2,000 square feet of commercial space, located in Upper Manhattan. Alan Perlmutter, managing member, arranged the financing.
• $7,150,000 for a six-story multifamily building containing 9 residential units and 5,500 square feet of ground floor and basement retail space, located on Fifth Avenue in Brooklyn. Matthew Classi, managing member, arranged the financing.

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Meridian Capital announced the following transactions:
• A new mortgage of $12,210,000 was placed on a multifamily property totaling 32 units located on Manhattan Avenue in Brooklyn, NY. The loan features a rate of 3.27% and a five-year term. This transaction was negotiated by Charles Grussgott and Michael Helmreich.
• A new mortgage in the amount of $7,900,000 on a 48-unit multifamily property located on Cooper Street in New York, NY. The loan features a rate of 3.38% and a five-year term. Shamir Seidman and Daniel Neiss negotiated this transaction.
• A new mortgage of $4,080,000 on a multifamily property totaling 19 units located on William Street in Yonkers, NY. The loan features a rate of 3.13% and a five-year term. This transaction was negotiated by Judah Hammer and Jared Kaufman.
• A new mortgage in the amount of $4,050,000 on a six-unit multifamily property located on Charles Street in New Rochelle, NY. The loan features a rate of 3.13% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.
• A new mortgage of $2,600,000 on a cooperative property totaling 22 units located on East 75th Street in New York, NY. The loan features a rate of 3.30% and a 10-year term. This transaction was negotiated by Avi Geller and Nicoletta M. Pagnotta.
• A new mortgage in the amount of $1,800,000 on an 8,000 square foot retail property located on Fulton Street in Brooklyn, NY. The loan features a rate of 3.31% and a seven-year term. Carol Shelby negotiated this transaction.


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CPC Mortgage Company, a subsidiary of The Community Preservation Corporation (CPC), closed a $3.9 million Freddie Mac Optigo Small Balance Loan (SBL) to refinance a 9-unit apartment building in Williamsburg, Brooklyn. The four-story plus penthouse mid-rise property is located at 113 Richardson Street. John Cannon, President, made the announcement. Originally built in 2012, the property features one one-bedroom, seven two-bedroom, and one three-bedroom units. All units include an in-suite washer/dryer, dishwasher, stainless steel appliances, marble countertops, wood laminate cabinets, wood floors throughout, and ceramic-tiled bathroom floors. All tenants have rooftop access.

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Eastern Union Funding announced the following transactions:
• A $13,500,000 first lien mortgage for the refinance of a 200-unit multifamily property in Lakeland, FL. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.
• A $12,395,000 first lien mortgage for the refinance of a 99-unit mixed-use property in Far Rockaway, NY. This transaction was arranged by Jeffrey Seidenfeld.
• A $12,012,000 first lien mortgage for the refinance of a 37-unit multifamily property in Bronx, NY. This transaction was arranged by Ira Zlotowitz and Michael Muller.
• A $6,534,000 first lien mortgage for the acquisition of a 100-unit multifamily property in Marion, OH. This transaction was arranged by Jeffrey Seidenfeld.
• A $4,200,000 first lien mortgage for the refinance of a 7-unit office building in Far Rockaway, NY. This transaction was arranged by Michael Muller.
• A $4,012,500 first lien mortgage for the acquisition of a 12-unit multifamily property in Waterbury,CT. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.
• A $4,000,000 first lien mortgage for the refinance of a 10-unit mixed-use property in Brooklyn, NY. This transaction was arranged by David Eisen.
• A $4,000,000 first lien mortgage for the refinance of a 2-unit multifamily property in Brooklyn, NY. This transaction was arranged by Michael Muller and Jack Beida.
• A $3,000,000 first lien mortgage for the refinance of a 46-unit multifamily property in Baltimore, MD. This transaction was arranged by Mendy Pfeifer and Motti Blau.
• A $2,000,000 first lien mortgage for the refinance of a 6-unit multifamily property in Brooklyn, NY. This transaction was arranged by Michael Muller.

  • Some of the above transactions were complete pre-COVID-19
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