Emerald Creek Capital provided a $4,000,000 bridge loan for the acquisition of two NNN-leased investment properties located in greater Nashville, TN and Atlanta, GA. The properties are both single-tenant retail buildings on 1-acre sites, each currently NNN-leased to Bojangles’ restaurants. Financing was originated by Emerald Creek Vice President Matt Fantuzzi.
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W Financial has provided the following bridge loans which were handled by Jarret Schochet, David Heiden, Andrew Singer and TJ Randall:
• A $1,300,000 bridge loan for the acquisition of a cash-flowing multi-family property located on Main Street in Kansas City, Missouri. The borrower plans to renovate apartments as the leases come due and to increase rents thereafter. W Financial expects to be repaid when the borrower obtains a conventional loan once the property is stabilized.
• A $2,200,000 first mortgage loan secured by a development site located on Louisville Road in Savannah, Georgia. The total loan amount was $4,700,000 and there was a $2,500,000 mezzanine loan placed subordinate to our first mortgage. The borrower intends to finish his construction plans and then refinance W’s bridge loan with a traditional construction loan.
• A $3,600,000 bridge loan secured by three walk-up properties located in Brooklyn. Our collateral includes a four-story, mixed-use building on Lafayette Avenue in Fort Greene, a three-story multifamily building on Schenectady Avenue in Crown Heights, and a four-story mixed-use building located on Pitkin Avenue in Brownsville. The borrower is a long-time, repeat client of W Financial and needed to refinance existing loans that were maturing. The borrower plans to refinance W Financial with a conventional loan.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $70,475,000 for the following properties:
• $37,650,000 for an 11-story plus penthouse multifamily apartment building containing 159 units, located in the Crown Heights section of Brooklyn, New York. Adam Brostovski, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $15,825,000 for a six-story mixed-use building containing 59 apartments and 7,000 square feet of commercial space, located in the Upper East Side of Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $10,500,000 for a six-story mixed-use building containing 56 units and approx. 4,500 square feet of commercial space, located in the Washington Heights section of Manhattan, New York. Stephen Katz, Managing Director of GCP Capital Group, arranged the financing for this transaction.
• $6,500,000 for a four-story mixed-use building containing 6 apartments and approx. 14,750 square feet of commercial space, located on West 139th Street in Manhattan, 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 transactions:
• A $2,750,000 first lien mortgage for the refinance of a 8-unit mixed-use property in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz and Michael Muller.
• A $2,625,000 first lien mortgage for the refinance of a 8-unit multifamily property in Brooklyn, NY. This transaction was arranged by Jay Tyberg.
• A $1,550,000 first lien mortgage for the acquisition of a land property in Jersey City, NJ. This transaction was arranged by Yossi Rubin.
• A $1,550,000 first lien mortgage for the refinance of a single unit shopping center in Hagerstown, MD. This transaction was arranged by Marc Tropp and Ben Alpert.
• A $1,347,000 first lien mortgage for the refinance of a 6-unit multifamily property in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
• A $1,240,000 first lien mortgage for the refinance of a 15-unit multifamily property in Bristol, CT. This transaction was arranged by Mendy Pfeifer and Motti Blau.
• A $1,125,000 first lien mortgage for the refinance of a 4-unit multifamily property in Brooklyn, NY. This transaction was arranged by Judah Aderet.
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Meridian Capital announced the following transactions:
• A new mortgage of $16,700,000 on a multifamily property totaling 96 units located on Brightwater Court in Brooklyn, NY. The loan features a rate of 3.50% and a five-year term. This transaction was negotiated by Judah Hammer and Daniel Neiss.
• A new mortgage in the amount of $14,900,000 on a 102-unit multifamily property located on Brighton 2nd Street in Brooklyn, NY. The loan features a rate of 3.50% and a five-year term. Judah Hammer and Jared Kaufman negotiated this transaction.
• A new mortgage of $13,800,000 was placed on a mixed-use property totaling 67 units located on West 14th Street in New York, NY. The loan features a rate of 3.55% and a 10-year term. This transaction was negotiated by Chaim Tessler and Asher Urbach.
• An $8,500,000 mortgage on a 216-unit multifamily property located on Cooper Hill Drive in New Rochelle, NY. The loan features a rate of 3.33% and a 10-year term. Cary Pollack and Judah Neuman negotiated this transaction.
• A new mortgage of $6,200,000 won a multifamily property totaling 18 units located on Chelsea Place in Great Neck, NY. The loan features a rate of 3.25% and a five-year term. This transaction was negotiated by Zev Feder and Jason Bogopulsky.
• A $2,100,000 mortgage on an eight-unit mixed-use property located on Broadway in Brooklyn, NY. The loan features a rate of 3.63% and a five-year term. Dov Jeremias negotiated this transaction.
