Meridian Capital announced the following transactions:
• Two new mortgages in the amount of $16,725,000 on two 131-unit multifamily properties located on Grand Concourse and University Avenue in the Bronx, NY. The loans feature rates of 4.25% and five-year terms. Michael Kesselman and Kerry Brick negotiated these transactions.
• A new mortgage of $4,500,000 was placed on a multifamily property totaling 39 units located on Park Place in Brooklyn, NY. The loan features a rate of 4.30% and a 10-year term. Moe Rosenblum negotiated this transaction.
• A new mortgage in the amount of $4,500,000 on an eight-unit mixed-use property located on MacDougal Street in New York, NY. The loan features a rate of 4.35% and a 10-year term. Moe Rosenblum negotiated this transaction.
• A new mortgage of $3,600,000 was placed on a multifamily property totaling eight units located on Third Streetin Brooklyn, NY. The loan features a rate of 4.375% and a five-year term. This transaction was negotiated by Shamir Seidman and Daniel Neiss.
• A new mortgage in the amount of $1,630,000 on an 11-unit multifamily property located on BaileyAvenue in the Bronx, NY. The loan features a rate of 3.875% and a five-year term. David Hayum and Luke Hingson negotiated this transaction.
• A new mortgage of $1,350,000 was placed on a multifamily property totaling four units located on Arnold Avenue in Maspeth, NY. The loan features a rate of 4.375% and a five-year term. This transaction was negotiated by Morris Diamant.
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Hirshmark Capital announced the following transactions:
• Through an affiliate entity, the funding of a $1,200,000 bridge loan secured by a multifamily building in the Flatbush neighborhood of Brooklyn. The subject property is a 9,000 s/f building with eight units, five of which are vacant. The borrower needed capital to renovate the property.
• The funding of a $1,000,000 bridge loan secured by two investment condominiums in Williamsburg. The borrower needed capital for other business purposes. This transaction was negotiated by Hirshmark’s Matthew Schatzle.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $42,800,000 for the following properties:
• $13,300,000 for a six-story mixed-use building containing 48 apartments and 5,500 square feet of commercial space, located in Washington Heights. Alan Perlmutter, Managing Member, arranged the financing.
• $12,500,000 for two five-story multifamily apartment buildings containing a total of 92 units, located on Morris Avenue in the Bronx. Adam Brostovski, principal arranged the financing.
• $9,000,000 for a six-story multifamily apartment building containing 69 units, located on Selwyn Avenue in the Bronx. Paul Greenbaum, Managing Member, arranged the financing for this transaction.
• $8,000,000 for two adjacent four-story multifamily apartment buildings containing a total of 32 units, located on Ocean Parkway in Brooklyn. Matthew Albano, Managing Director, arranged the financing.
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Eastern Union Funding announced the following transactions:
• $5,375,000 in first lien mortgages for the refinance of two multifamily properties and a 4-unit, mixed use in Ridgewood, NY. These transactions were arranged by Motti Blau and Mendy Pfeifer.
• A $5,250,000 first lien mortgage for the refinance of a healthcare center on Schuyler St in Montour Falls, NY. This transaction was arranged by Nachum Soroka, Phil Krispin and Efraim Perlowitz.
• A $4,100,000 first lien mortgage for the refinance of a 10-unit multifamily on S 3rd St in Brooklyn, NY. This transaction was arranged by David Eisen, Josh Horowitz and Meir Kessner.
• A $2,590,000 first lien mortgage for the refinance of a retail center on Memorial Dr in Waycross, GA. This transaction was arranged by Marc Tropp.
• A $2,100,000 first lien mortgage for the refinance of a 6-unit multifamily on Hart St in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
• A $2,000,000 first lien mortgage for the refinance of a multifamily on Central St in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
• A $1,124,000 first lien mortgage for the refinance of a 6-unit multifamily on 10th Ave in Brooklyn, NY. This transaction was arranged by Nate Hyman and David Metzger.
• A $1,000,000 first lien mortgage for the refinance of a multifamily on Putnam Ave in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
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Hakimian Capital announced the funding of a $2,150,000 second mortgage on a 16-unit multi-family building located in Flushing, Queens. The sponsor, an experienced real estate investor, needed timely cash-out financing in order to capitalize on an alternative investment opportunity. The loan features a rate of 11.25 percent and a 12-month term.
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Holliday Fenoglio Fowler announced $9.1 million financing for 405 Heron Drive, a 254,250 s/f, Class B industrial building in Swedesboro, New Jersey. The HFF team worked on behalf of the borrower, Burton Real Estate (BRE), to place a 10-year, fixed-rate loan with CUNA Mutual Group (CUNA). This loan will be added to an existing mortgage collateralized by a three-building industrial portfolio that HFF placed with CUNA at the end of 2017, which included 509 Heron Drive. Burton Real Estate purchased 405 Heron Drive as a value-add investment in November 2017 when the property was 88 percent leased. Loan proceeds will be utilized to return equity to the sponsorship. HFF will service the loan. Michael Klein led the team that brokered the transaction.
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Houlihan Parnes Properties, an affiliate of Houlihan-Parnes Realtors LLC, represented by Jeremiah A Houlihan, refinanced a first mortgage loan encumbering a 4-story brick apartment building containing 11 apartments and 2 retail stores located at 819-821 McLean Ave in Yonkers, NY. The 10-year $2,000,000 loan has a fixed rate of 4.75% payable on a 30-yr amortization basis. The loan, which closed with a Upstate NY-based Savings Bank, is prepayable throughout the term on a declining scale.
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Progress Capital announced the following transactions:
• Abe Mann secured $1,855,000 to refinance the multifamily building at 1898 Pacific Street, Crown Heights, Brooklyn. The property is a 3-story walk-up with 12 apartments. The non-recourse loan is 80% LTV accompanied by a 5-year fixed-rate at 3.74% with a 20-year term amortized over 30-years. The proceeds of the loan will be used to retire existing debt and cash-out over $1,000,000 in vested equity to be used to fuel continued expansion of the borrower’s portfolio.
• Brad Domenico negotiated a $6,800,000 permanent mortgage, or 80% LTV, acquisition loan for the medical office building located at 90 Millburn Avenue, Millburn, NJ. Accompanying the loan is a 7-year fixed rate at 4.75% with a 15-year term and 30-year amortization. The loan may be repaid without penalty at any time.
• Brad Domenico arranged a $1,200,000 mortgage with a 10-year term amortized over 30-years for a commercial building located at 183-185 Broadway, Tinton Falls, NJ. The loan has a 5-year fixed-rate at 4.92%, a declining prepay schedule and represents 70% of the subject property’s value. The proceeds of the loan allowed the borrower to recapture over $500,000 to be invested back into their commercial portfolio.
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Mission Capital Debt and Equity Finance team secured $8 million in leasehold financing for the Sumner Hotel, a 70-key property located at 22 Sumner Place in Bushwick, Brooklyn. Beau Williams, Ari Hirt and Justin Hunt represented East End Hospitality Management in securing the five-year deal.
