Meridian Capital announced the following transactions:
• A new mortgage of $3,250,000 was placed on a 4,500 s/f triple-net leased retail property located on Court Street in Brooklyn, NY. The loan features a rate of 2.99% and a three-year term. This transaction was negotiated by David Oheb and Brian Flax.
• New mortgages totaling $12,000,000 on two multifamily properties composed of 18 units on Park Place and Reade Street in New York, NY. The loans feature rates of 3.00% and five-year terms. Cary E. Pollack and Charles Grussgott negotiated these transactions.
• New mortgages totaling $8,050,000 were placed on two multifamily properties composed of 50 units with 8,010 square feet of retail space located on West 165th Street and Jerome Avenue in the Bronx, NY. The loans feature rates of 3.13% and five-year terms. These transactions were negotiated by Zev Feder and Jacob Fischer.
• A new mortgage in the amount of $6,075,000 on a four-story, 57-unit multifamily property located on 95th Street in Queens, NY. The loan features a rate of 3.00% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.
• A new mortgage of $5,250,000 was placed by Meridian on a three-story, 70-unit multifamily property located on Willoughby Avenue in Brooklyn, NY. The loan features a rate of 3.13% and a five-year term. This transaction was negotiated by Cary E. Pollack and Steven Cohen.
• A new mortgage in the amount of $2,350,000 on a four-story, eight-unit multifamily property located on 17th Street 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 arranged mortgage financing in the aggregate amount of $96,750,000 for the following properties:
• $72,100,000 for a portfolio of 6 six-story multifamily apartment buildings containing a total of 430 units and approx. 16,000 square feet of retail space, located throughout Brooklyn and Manhattan, New York. Stephen Katz, Senior Associate of GCP Capital Group, arranged the financing for this portfolio.
• $8,000,000 for 3 contiguous four-story mixed-use buildings containing a total of 18 apartments and 3,300 square feet of commercial space, located on the Upper East Side of Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $7,000,000 for a six-story apartment building containing 23 units, located on East 11th Street in Manhattan, New York. Matthew Albano, Senior Broker of GCP Capital Group, arranged the financing for this transaction.
• $5,350,000 for 2 five-story multifamily apartment buildings containing a total of 38 units and 6 commercial units, located on East 187th Street in the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
• $4,300,000 combined financing for a one-story commercial building of approx. 11,200 square feet and a one-story retail building of approx. 3,400 square feet, located throughout the Bronx, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for these properties.
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Charles Cotsalas, senior vice president/senior director of NorthMarq Capital’s Long Island based office and Ernest DesRochers, senior vice president/managing director of NorthMarq Capital’s New York metro office secured a $4.2 million construction loan for a 17,340 s/f retail and apartment property located at 425 New York Avenue in Huntington, New York. The transaction was structured as a 2.5-year term with an interest only period during construction with an option to convert to a permanent loan. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
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Eastern Union Funding announced the following transactions:
• A $1,000,000 first lien mortgage with 3.25% interest to refinance a four-unit mixed use on Nostrand Avenue in Brooklyn, NY. This transaction was negotiated by Mike Orlik and Michael Muller
• A $1,920,000 first lien mortgage to refinance a seven-unit multifamily on Tompkins Avenue in Brooklyn, NY. This transaction was negotiated by David Eisen
• A $4,000,000 first lien mortgage with 3.25% interest to refinance a 37-unit multifamily on Manida Street in Bronx, NY. This transaction was negotiated by Michael Muller and Mike Orlik
• A $3,000,000 first lien mortgage with 3.375% interest to refinance a 42-unit multifamily on Clarendon Road in Brooklyn, NY. This transaction was negotiated by Moshe Lipschitz and Jack Beida
• A $2,520,000 first lien mortgage with 3.75% interest for the acquisition of a 3,500 SF mixed-use on 13th Avenue in Brooklyn, NY. This transaction was negotiated by Mike Orlik and Michael Muller
• A $4,500,000 first lien mortgage with 3.25% interest to refinance a 24-unit multifamily on Everdell Avenue in Far Rockaway, NY. This transaction was negotiated by Motti Blau
• A $4,000,000 first lien mortgage with 3.5% interestto refinance an eight-unit multifamily on Skillman Street in Brooklyn, NY. This transaction was negotiated by David Singer
• A $3,600,000 first lien mortgage for the acquisition of a 73-unit multifamily building on Park street in Albany, NY. This transaction was negotiated by Motti Blau.
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Arbor Commercial Mortgage announced the recent funding of six loans totaling $29,855,000 across Michigan under the Fannie Mae DUS Small Loan, Freddie Mac Small Balance Loan and FHA 223(f) programs. Mike Jehle, Vice President in Arbor’s Oklahoma City, OK, office, originated all of the loans.
• Aspen Lakes Estates Apartments, Holt, MI – This 213-unit multifamily property received $20,400,000 funded under the FHA 223(f) Loan product line. The 35-year refinance loan amortizes on a 35-year schedule.
• Oakwood Villa Apartments, Royal Oak, MI – This 100-unit multifamily property received $2,700,000 funded under the Fannie Mae DUS Small Loan product line. The 20-year refinance loan amortizes on a 20-year schedule.
• Garfield Park Apartments, Fraser, MI – This 110-unit multifamily property received $2,250,000 funded under the Freddie Mac Small Balance Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.
• Danbury Apartments, Grand Rapids, MI – This 66-unit multifamily property received $1,905,000 funded under the Freddie Mac Small Balance Loan. The 20-year acquisition loan amortizes on a 30-year schedule.
• North Park Cooperative, Detroit, MI – This 94-unit multifamily property received $1,600,000 funded under the Fannie Mae Small Loan product line. The 10-year acquisition loan amortizes on a 10-year schedule.
• Oak Park Apartments, Grand Rapids, MI – This 42-unit multifamily property received $1,000,000 funded under the Freddie Mac Small Balance Loan product line. The 20-year acquisition loan amortizes on a 30-year schedule.
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