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Debt & Equity

TRANSACTIONS: Progress Capital secures construction loan for MADDD Equities

Progress Capital negotiated a $4,157,000 construction to permanent loan for the development of three attached 4-story mixed-use buildings located at 139-141 Alexander Avenue in the Mott Haven section of South Bronx. Each of the three buildings will include seven luxury residential units and one single ground level retail space. Brad Domenico represented the borrower, MADDD Equities. Domenico arranged the loan with an initial 18-month interest-only period during construction. After that, the loan converts to a 7-Year permanent mortgage based on a 30 year amortization.
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Arbor Realty Trust funded an FHA 223(f) loan in Terrell, Texas. Brownstone Apartments, a 107-unit multifamily property, received $4.1 million in refinance funding under the FHA 223(f) loan program. The deal provides a fixed-interest rate for the entire length of the loan. Stuart Gans of Arbor’s Dallas office originated the loan.
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Eastern Union Funding announced the following transactions:
• A $4,400,000 first-lien mortgage for the refinance of a 8-unit multifamily on Union St in Brooklyn, NY. This transaction was arranged by David Eisen.
• A $3,600,000 first-lien mortgage for the refinance of a 14-unit mixed-use on Central Ave in Lawrence, NY. This transaction was arranged by Jeffrey Seidenfeld.
• A $2,821,000 first-lien mortgage for the acquisition of a 55-unit multifamily on N Forest Ave in Baltimore, MD. This transaction was arranged by David Merkin and Marc Tropp.
• A $2,800,000 first-lien mortgage for the refinance of a 48-unit multifamily on 83rd St in Brooklyn, NY. This transaction was arranged by Jay Tyberg.
• A $2,750,000 first-lien mortgage for the refinance of a 6-unit multifamily on Jefferson St in Brooklyn, NY. This transaction was arranged by David Eisen.
• A $2,370,000 first-lien mortgage for the construction of an 8-unit multifamily property on Clarendon Rd in Brooklyn, NY. This transaction was arranged by Nate Hyman and David Metzger.
• A $1,254,000 first-lien mortgage for the acquisition of a 11-unit multifamily on Evergreen Ave in Bronx, NY. This transaction was arranged by Judah Aderet.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $51,497,500 for the following properties:
• $24,500,000 loan participation between two national lenders collateralized in part by a mixed-use development site, located in Jamaica, Queens. Matthew Albano, Managing Director of GCP Capital Group, arranged the loan participation for this transaction.
• $11,600,000 for two five-story multifamily apartment buildings containing a total of 105 apartments, located on Thieriot Avenue in the Bronx. Adam Brostovski, Principal of GCP Capital Group, arranged the financing.
• $7,500,000 for a three-story office building comprised of 31,000 square feet and an adjacent commercial restaurant building, located in Huntington, Suffolk County, New York. Matthew Classi, Managing Member, arranged the financing.
• $4,500,000 for a one-story, 38,400 square foot commercial building containing 3 retail units, located in East Setauket, Suffolk County, New York. George Spanos, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
• $3,397,500 for a four-story office building comprised of 24,500 square feet, located in Peekskill, New York. Jack Fried, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
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Hirshmark Capital, through an affiliate entity, announced the funding of a $1,450,000 bridge/renovation loan secured by a multifamily building in Fort Greene, Brooklyn. The property is a 6,000 s/f building with seven units, two of which are vacant. The borrower needed capital to refinance and renovate the property. The transaction was negotiated by Hirshmark’s Matthew Schatzle.
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Meridian Capital announced the following transactions:
• A new mortgage in the amount of $22,000,000 on a retail property located on East Central Avenue in Spring Valley, NY. The loan features a rate of 4.25% and a five-year term. Eli Serebrowski negotiated this transaction.
• A new mortgage of $20,750,000 was placed by Meridian on a multifamily property totaling 71 units located on Third Avenue in New York, NY. The loan features a rate of 4.16% and a five-year term. This transaction was negotiated by Morris Diamant and Joseph Akerman.
• A new mortgage in the amount of $12,800,000 on a 288-unit cooperative property located on 77thStreet in Jackson Heights, NY. The loan features a rate of 4.05% and a 20-year term. Avi Geller and Nicoletta M. Pagnotta negotiated this transaction.
• A new mortgage of $8,400,000 was placed by Meridian on a multifamily property totaling 51 units located on Wales Avenue in the Bronx, NY. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by Moe Rosenblum.
• A new mortgage in the amount of $7,350,000 on a 24-unit multifamily property located on West 111th Street in New York, NY. The loan features a rate of 4.375% and a five-year term. Isaac Filler and Michael Helmreich negotiated this transaction.
• A new mortgage of $5,900,000 was placed on a multifamily property totaling 35 units located on Davidson Avenue in the Bronx, NY. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by Moe Rosenblum.

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