Meridian Capital announced the following transactions:
• A new mortgage in the amount of $7,500,000 on a five-story, 41-unit multifamily property located on East 32nd loan features a rate of 3.50% and a seven-year term. Michael Kesselman and Kerry Brick negotiated this transaction.
• A new mortgage of $5,500,000 was placed on a four-story, 91-unit multifamily property located on Prospect Place in Brooklyn, NY. The loan features a rate of 3.375% and a three-year term. Mark Brachfeld negotiated this transaction.
• A new mortgage in the amount of $5,500,000 on a six-story, 16-unit multifamily property located on Columbia Heights in Brooklyn, NY. The loan features a rate of 3.50% and a five-year term. This transaction was negotiated by Shamir Seidman and Daniel Neiss.
• A new mortgage of $4,400,000 was placed on a five-story, 30-unit multifamily property located on West 192nd Street in New York, NY. The loan features a rate of 3.625% and a five-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.
• A new mortgage in the amount of $2,600,000 on a four-story, seven-unit multifamily property located on West 90th Street in New York, NY. The loan features a rate of 3.625% and a five-year term. Morris Diamant and Tzvi Krieger negotiated this transaction.
• A new mortgage of $2,400,000 on a three-unit mixed-use property with 1,500 square feet of retail space located on Nostrand Avenue in Brooklyn, NY. The loan features a rate of 3.25% and a five-year term. This transaction was negotiated by Benjamin Klugmann and Adam Ehrenreich.
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Brick Capital Partners LLC announced the following transactions:
• Through an affiliate entity, Brick Capital provided a first mortgage in the amount of $1,585,000 to a private real estate group. Located in Downtown Brooklyn, the collateral is comprised of a two-story mixed use building that is slated for residential development. Marc Hershberg of Friedman-Roth Realty Services LLC arranged the financing on behalf of the borrower.
• Through an affiliate entity, Brick Capital provided a first mortgage in the amount of $2,400,000 to a private real estate owner. Located in the Richmond Hills section of Queens, the collateral is comprised of one story commercial building that is leased to the Depaerment of Education. The loan proceeds were used to consolidate debt on the borrower’s several businesses.
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Eastern Union Funding announced the following trnasactions:
• A $16,305,000 first lien mortgage for the refinance of a 9-building, 55-unit multifamily portfolio in Brooklyn, NY. This transaction was arranged by David Eisen and Meir Kessner.
• An $8,190,000 first lien mortgage for the refinance of an 80-unit multifamily on Gates Mill Ct. in Hamilton, NJ. This transaction was arranged by Nate Hyman and David Metzger.
• A $3,900,000 first lien mortgage for the refinance of a 10-unit multifamily on Chauncey St. in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
• A $3,800,000 first lien mortgage for the refinance of a 67-unit multifamily on E. North Ave. in Baltimore, MD. Marc Tropp arranged this transaction.
• A $3,250,000 first lien mortgage for the refinance of a 29-unit, mixed-use on 94th St. in Elmhurst, NY. This transaction was arranged by David Metzger and Nate Hyman.
• A $2,880,000 first lien mortgage for the refinance of a 58-unit multifamily on N. 8th St. in Philadelphia, PA. This transaction was arranged by Abraham Bergman and Yossi Orzel.
• A $2,300,000 first lien mortgage for the refinance of a 3-unit retail property on New Utrecht Ave. in Brooklyn, NY. This transaction was arranged by Isaac Sternhill.
• A $1,975,000 first lien mortgage for the refinance of a 4-unit multifamily on Stagg St. in Brooklyn, NY. This transaction was arranged by David Metzger and Nate Hyman.
• A $1,400,000 first lien mortgage for the refinance of a 4-unit multifamily on Fairview Ave. in Ridgewood, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
• A $1,025,000 first lien mortgage for the refinance of a 6-unit multifamily on Wyckoff Ave. in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer.
• A $1,022,000 first lien mortgage for the refinance of a single-tenant retail property on Ocean Ave. in Lakewood, NJ. This transaction was arranged by Jeffrey Seidenfeld and Yoel Kahan.
• An $865,000 first lien mortgage for the refinance of a 6-unit multifamily on Autumn Ave. in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Yoel Perlstein.
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GCP Capital Group LLC arranged mortgage financing in the aggregate amount of $26,050,000 for the following properties:
• $8,600,000 for two adjacent seven-story multifamily apartment buildings containing a total of 58 units, located on East 85th Street in Manhattan, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $6,000,000 for a two-story, 100% occupied commercial building comprised of approximately 23,600 gross square feet, located on Flatlands Avenue in Brooklyn, New York. David Sessa, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
• $4,500,000 for a four-story multifamily apartment building containing 29 units and 1 commercial office, located in Bayshore, Suffolk County, New York. Matthew Classi arranged the financing.
• $3,950,000 combined financing for two multifamily apartment buildings containing a total of 29 units, located in the Carroll Gardens and Cobble Hill neighborhoods of Brooklyn, New York. Stephen Katz, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
• $3,000,000 for four contiguous mixed-use buildings containing a total of 8 apartments and 3 commercial units, located on Arthur Avenue in the Bronx, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
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Hirshmark Capital LLC, through an affiliate entity, recently closed the following transactions:
• $2,700,000 acquisition of 585 10th Street, Brooklyn, NY, a 3-family property in the Park Slope neighborhood of Brooklyn. This property is a 3-story, 3,300 s/f brick building that was delivered vacant and will be redeveloped into luxury condominiums for resale. Saul Hedaya negotiated this transaction.
• $4,250,000 bridge loan secured by two mixed-use properties in the Theater District of Manhattan. Both properties are four-story brick buildings, which contain 2 stores and 11 apartments across 9,000 SF. The borrower needed capital to pay off a maturing loan. Patty Jafari negotiated this transaction.
• $3,000,000 bridge loan secured by a multifamily property in the Upper West Side neighborhood of Manhattan and an office building in the Throgs Neck neighborhood of the Bronx. The properties total 12,000 SF and are both on well trafficked avenues. The borrower needed capital to acquire the Bronx office building while including the UWS multifamily as additional collateral. Mark Levin negotiated this transaction.
• $1,800,000 bridge loan secured by a multifamily property in the East Flatbush neighborhood of Brooklyn. The subject property is a 20,000 SF, 4-story building, with 19 apartments.The borrower needed capital to purchase the subject property. Igor Vaysberg negotiated this transaction.
• $1,500,000 bridge loan secured by a vacant SRO in the Central Harlem neighborhood of Manhattan. The subject property is a 5,200 SF, 5-story, brick building. It is located just a few blocks from two major subway lines and a block from Central Park. The borrower needed capital to finance the gut renovation of the SRO to multifamily. Matt Schatzle negotiated this transaction.
• $1,200,000 bridge loan secured by a retail property in the Bedford Stuyvesant neighborhood of Brooklyn. The subject property is a 2-story retail building with 150 feet of wraparound frontage. The property is 7,500 s/f and has 15,000 s/f of development rights, just two blocks from the G train. The borrower needed capital to pay off violations on the building and for other business purposes. Matt Schatzle negotiated this transaction.
• $1,100,000 bridge loan secured by a mixed-use property in the Park Slope neighborhood of Brooklyn. The subject property is a 4-story, brick building that contains 3 apartments and 1 store. The property is on the corner and roughly 5,000 s/f. The property is located on one of the busiest retail streets in the heart of Park Slope, just blocks from the subway. The borrower needed capital to finish renovations on the property. Misha Gurevich negotiated this transaction.
• $1,000,000 bridge loan secured by a retail property in the Far Rockaway neighborhood of Queens. The subject property is a single-story retail building on an irregularly shaped corner lot. The building is 7,000 s/f and contains 7 retail spaces. The borrower needed capital to fix certificate of occupancy issues and pay off violations on the building. Igor Vaysberg negotiated this transaction.
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Walker & Dunlop, Inc. (structured a $6,893,000 loan for William Booth Towers, a project-based Section 8 and age-restricted rental community in Orlando, Florida. Senior Vice President Jeff Kearns,led the Walker & Dunlop origination team, which utilized the United States Department of Housing and Urban Development 223(f) program to refinance the property’s existing HUD 202 loan.
The refinance reduced the property owner’s interest rate by three percent and generated proceeds which will be utilized to perform a $3.5 million rehabilitation of the property. The loan included a 35-year, fixed rate term. Built in 1980, William Booth Towers is one of the premier subsidized assets in the Orlando, Florida market serving residents aged 62 and above. The 15-story, 168-unit multifamily community is west of the central business district.
