Meridian Capital announced the following transaction:
• A new mortgage of $9,000,000 was placed on a four-story, 56-unit multifamily property located on 89th Street in Queens, NY. The loan features a rate of 3.13% and a five-year term. This transaction was negotiated by Joseph Taub and Eric Chapek.
• A new mortgage in the amount of $11,000,000 on a six-story, 26-unit multifamily property located on Norfolk Street in New York, NY. The loan features a rate of 3.25% and a three-year term. Alan Friedman and Eric Chapek negotiated this transaction.
• A new mortgage of $4,930,000 was placed on a five-story, 56-unit multifamily property located on Grant Avenue in the Bronx, NY. The loan features a rate of 3.13% and a five-year term. This transaction was negotiated by Avi Weinstock and Chaim Tessler.
• A new mortgage in the amount of $2,700,000 on a 52-unit multifamily property located on Westfield Avenue in Elizabeth, NJ. The loan features a rate of 3.13% and a five-year term. Elliott Y. Birnbaum and Kerry Brick negotiated this transaction.
• A new mortgage of $2,150,000 was placed on a four-story, 16-unit multifamily property located on 38th Street in Queens, NY. The loan features a rate of 3.25% and a five-year term. This transaction was negotiated by Morris Diamant and Steven Ribiat.
• A new mortgage in the amount of $1,000,000 on a nine-unit multifamily property located on Berkeley Place in Jersey City, NJ. The loan features a rate of 3.25% and a five-year term. Elliott Y. Birnbaum and Kerry Brick negotiated this transaction.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $57,800,000 for the following properties:
•$34,050,000 combined financing for a portfolio of 9 multifamily apartment buildings containing a total of 288 units and 8,200 square feet of commercial space, located in the Melrose, University Heights, Fordham and Concourse Village sections of the Bronx, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this portfolio.
• $9,000,000 for a six-story office-to-loft conversion development project that will contain 4 luxury residential condo units and 1 ground floor retail unit, located in TriBeca, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $7,650,000 for a six-story multifamily apartment building containing 78 units, located on Noble Avenue in the Bronx, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $5,350,000 combined financing for a five-story apartment building containing 30 units, located on Vermilyea Avenue in Manhattan, New York and 2 four-story apartment buildings containing 34 units, located on Colgate Avenue in the Bronx, New York. Adam Brostovski arranged the financing.
• $1,750,000 second mortgage financing for 3 contiguous five-story multifamily buildings containing a total of 35 apartments, located in the Clinton Hill neighborhood of Brooklyn, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
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Eastern Union Funding announced the following trnasactions:
• A $4,000,000 first lien mortgage for the refinance of a shopping center on 4th Ave. in Brooklyn, NY. This transaction was arranged by Abe Kolman.
• A $3,200,000 first lien mortgage for the refinance of a 8-unit multifamily on Kosciuszko St. in Brooklyn, NY. This transaction was arranged by David Metzger and Nate Hyman.
• A $2,600,000 first lien mortgage for the refinance of a 16-unit multifamily on 13th St. NW in Washington, DC. This transaction was arranged by David Merkin, Shai Romirowsky and Marc Tropp.
• A $1,750,000 first lien mortgage for the refinance of a 3-unit multifamily on Bushwick Ave. in Brooklyn, NY. This transaction was arranged by David Metzger and Nate Hyman.
• A $1,750,000 first lien mortgage for the refinance of a 3-unit multifamily on Bushwick Ave. in Brooklyn, NY. This transaction was arranged by David Metzger and Nate Hyman.
• A $1,685,000 first lien mortgage for the refinance of a 21-unit multifamily on Fairview Ave. in Orange, NJ. This transaction was arranged by Nate Hyman and David Metzger.
• A $1,658,766 first lien mortgage for the acquisition loan of a 16-unit multifamily on 51st St. NE in Washington, DC. This transaction was arranged by Shai Romirowsky and Marc Tropp.
•A $1,625,000 first lien mortgage for the refinance of a 6-unit multifamily on Putnam Ave. in Brooklyn, NY. This transaction was arranged by David Metzger and • A $1,600,000 first lien mortgage for the refinance of a 3-unit mixed-use building on Grand St. in Brooklyn, NY. This transaction was arranged by David Metzger and Nate Hyman.
• A $1,387,500 first lien mortgage for the acquisition loan of a 30-unit multifamily on Bullock Ave. in Yeadon, PA. This transaction was arranged by Nate Hyman and David Metzger.
• Construction financing for UP REALTY LLC, which will immediately commence the conversion of 20 Park Street in Albany, N.Y., from office to residential use. Senior managing director Motti Blau negotiated the two-year, $7.3 million loan with the Albany office of Community Preservation Corp. The four-story, 94,920 s/f former office building is being redeveloped into 73 luxury rental units. Planned amenities include a rooftop deck and a gym. Construction is slated for completion by early summer.
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NorthMarq Capital announced the following transactions:
• Ernest DesRochers, senior vice president/managing director of NorthMarq Capital’s New York metro office, and Charles Cotsalas, senior director of NorthMarq Capital’s Long Island office, collaborated to arrange the $10 million refinance of X-Cell Realty, a 166,931 s/f office property located at 3333 New Hyde Park Road in New Hyde Park, New York. The transaction was structured with a fully amortizing 20-year term. NorthMarq arranged financing for the borrower through its relationship with a correspondent life insurance company.
• Ernest DesRochers arranged the $2,812,500 refinance of Hudson Bridge Plaza, a 15,729 s/f office/retail property located at 1465 Hudson Bridge Road in Stockbridge, Georgia. The transaction, a cash-out refinance of an acquisition loan placed by NorthMarq Capital in 2013, was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a local bank.
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Pergolis Swartz Associates Inc. announced the following transactions:
• Michael Volpe arranged acquisition/construction financing in the amount of $2,000,000 for the renovation of an existing mixed use property on Court Street in Brooklyn.
• Barry Swartz negotiated a permanent mortgage in the amount of $10,925,000 for four, 4-story residential apartment buildings containing a total of 32 units on Hudson Street in Manhattan.
• Richard Pergolis and Michael Volpe obtained a bridge loan in the amount of $1,200,000 for a 4 story walk up apartment building on Quincy Street in Brooklyn.
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