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Debt & Equity

TRANSACTIONS: Mission Capital arranges renovation bridge loan

Eastern Union Funding announced the following transactions:
• A $63,500,000 first lien mortgage for the acquisition of a 486-unit multifamily property in Saint Charles, MO. This transaction was arranged by Jeffrey Seidenfeld.
• An $18,000,000 first lien mortgage for the acquisition of a single unit senior living in Youngstown, OH. This transaction was arranged by Nachum Soroka.
• A $12,300,000 first lien mortgage for the acquisition of a 131-unit multifamily property Odessa, TX. This transaction was arranged by David Eisen.
• A $10,500,000 first lien mortgage for the acquisition of a 5-unit office building in Cherry Hill, NJ. Abe Kolman arranged the loan.
• A $7,575,000 first lien mortgage for the refinance of a 20-unit multifamily property in Brooklyn, NY. David Eisen arranged the loan.
Michael Miller arranged a $5,600,000 first lien mortgage for the refinance of a 64-unit multifamily property in Bronx, NY.
• A $3,500,000 first lien mortgage for the acquisition of a 3-unit multifamily property in Brooklyn, NY. This transaction was arranged by Isaac Weiss.
• A $2,900,000 first lien mortgage for the refinance of a 8-unit mixed-use property in Brooklyn, NY. This transaction was arranged by Michael Muller.
• A $2,237,000 first lien mortgage for the refinance of a 6-unit multifamily property in Brooklyn, NY. This transaction was arranged by Isaac Weiss.
• A $1,837,500 first lien mortgage for the refinance of a 9-unit multifamily property in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
• A $1,500,000 first lien mortgage for the refinance of a 24-unit multifamily property in Vineland, NJ. This transaction was arranged by Abraham Bergman and Yossi Orzel.
• A $1,500,000 first lien mortgage for the acquisition of a single unit mixed-use property in Brooklyn, NY. This transaction was arranged by David Eisen.
• A $1,200,000 first lien mortgage for the refinance of a 9-unit mixed-use property in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz.
• A $1,200,000 first lien mortgage for the refinance of an 8-unit multifamily property in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz.
• A $1,150,000 first lien mortgage for the refinance of a 24-unit multifamily property in Philadelphia, PA. This transaction was arranged by Moshe Lipschitz.
• A $1,125,000 first lien mortgage for the acquisition of a single unit warehouse in South Plainfield, NJ. This transaction was arranged by Abraham Bergman.
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Emerald Creek Capital provided an $8,610,000 acquisition loan in Delray Beach, FL secured by a 1.18-acre beachfront property. The borrower plans to redevelop the property into a three-story, 14-unit luxury condominium building. Financing for the loan was originated by ECC Vice President Matt Fantuzzi.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $45,800,000 for the following properties:
• $22,000,000 for a 55 and over apartment complex containing 271 units, located in East Farmingdale, Suffolk County. Matthew Classi, Managing Member, arranged the financing for this transaction.
• $9,800,000 for a portfolio of five five-story multifamily apartment buildings containing a total of 79 units, located throughout the Morris Heights neighborhood of the Bronx, New York. Adam Brostovski, Managing Member, arranged the financing.
• $7,500,000 for a four-story multifamily apartment building containing 16 units, located on the Upper East Side of Manhattan. Alan Perlmutter, Managing Member, arranged the financing for this transaction.
• $6,500,000 for a five-story multifamily apartment building containing 45 units, located on Davidson Avenue in the Bronx. Paul Greenbaum, Managing Member, arranged the financing.
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Mission Capital Advisors’ debt and equity team has arranged an $8.2 million bridge loan for 34 West 28th Street, a mixed used property in Midtown South. Mission worked on behalf of Soma Group to place the non-recourse, floating-rate, three-year loan with a debt fund. Loan proceeds will be used to renovate and reposition the asset. Once complete, the mixed-use property will be expanded into an eight-story 24,455 gross square foot building. The Mission Capital team representing the development group was led by Raymond Salameh, Alex Draganiuk, and Daniel Azizi.

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