Meridian Capital announced the following transactions:
- A new mortgage in the amount of $3,800,000 on a five-story, 20-unit multifamily property located on East 7th Street in New York, NY. The loan features a rate of 3.125% and a five-year term. Jacob Schmuckler and Sam Shifer negotiated this transaction.
- New mortgages totaling $12,500,000 were placed on two multifamily properties comprised of 217 units located on 80th and 149th Streets in Queens, NY. The loans feature rates of 3.32% and seven-year terms. These transactions were negotiated by Josh Rhine.
- A new mortgage in the amount of $4,900,000 on a four-story, 34-unit multifamily property located on Park Place in Brooklyn, NY. The loan features a rate of 3.25% and a five-year term. Isaac Filler and Michael Helmreich negotiated this transaction.
- A new mortgage of $3,250,000 was placed on a five-story, 26-unit multifamily property located on West 134th Street in New York, NY. The loan features a rate of 3.125% and a five-year term. This transaction was negotiated by Mark Brachfeld.
- A new mortgage in the amount of $2,100,000 on an eight-unit multifamily property located on Washington Street in Hoboken, NJ. The loan features a rate of 3.25% and a five-year term. Emil Depasquale negotiated this transaction.
- A new mortgage of $950,000 was placed by Meridian on a nine-unit multifamily property located on Ryer Avenue in the Bronx, NY. The loan features a rate of 3.125% and a five-year term. This transaction was negotiated by Jacob Schmuckler and Sam Shifer.
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Newmark Holdings announced a $9.6 million refinancing loan with Signature Bank for two 100% occupied office buildings totaling approximately 56,000 square feet. The loan had a fixed rate of 3.875% for a term of seven years. The announcement was made by co-Principals Eric Gural and Brian Steinwurtzel of Newmark Holdings. Paul Talbot, Senior Managing Director of Newmark Holdings, who arranged the financing with Signature Bank.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $57,425,000 for the following properties:
- $28,600,000 for a six-story mixed-use building containing 77 apartments with approx. 18,000 square feet of commercial space, located in the East Village section of Manhattan, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing for this transaction.
- Second mortgage financing in the combined amount of $12,800,000 for 2 six-story multifamily apartment buildings containing a total of 68 units with approx. 15,000 square feet of commercial space, located on Broadway in Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for these transactions.
- $6,850,000 for a six-story multifamily apartment building containing 49 units, located on West 148th Street in Manhattan, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
- $6,175,000 for a six-story multifamily apartment building containing 76 units, located on 89th Avenue in Queens, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this transaction.
- A $3,000,000 second mortgage for a five-story multifamily building containing 53 apartments, located on West 105th Street in Manhattan, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
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Houlihan-Parnes Realtors LLC announced the placement of a $600,000 first mortgage on 124 East Post Road, a 5,576 sf building at the corner of Court Street and East Post Road in White Plains, NY. The 7-year, non-recourse loan is fixed at 3.75% interest on a 30-year amortization schedule, plus has a 5-year option. The one-story retail building is fully occupied and includes the Kee Oyster House restaurant. The Borrower was represented in the transaction by Christie Houlihan, and title was provided by First American Title.
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Eastern Union Funding announced the following transactions:
- A $11,200,000 first lien mortgage for the refinance of a 37-unit multifamily on Grand Ave. in Bronx, NY. This transaction was arranged by Jonathan Singer.
- A $8,250,000 first lien mortgage for the acquisition of a 74-unit multifamily on Magenta St. in Bronx, NY. This transaction was arranged by Michael Muller.
- A $4,600,000 first lien mortgage for the refinance of a 47-unit multifamily on Rev James A Polite Ave. in Bronx, NY. This transaction was arranged by Michael Muller.
- A $4,125,000 first lien mortgage for the acquisition of a 36-unit multifamily on Heath Ave. in Bronx, NY. This transaction was arranged by Jonathan Singer.
- A $3,950,000 first lien mortgage for the refinance of a 40-unit multifamily on Albany Crescent in Bronx, NY. This transaction was arranged by Michael Muller.
- A $2,762,500 first lien mortgage for the acquisition of a 24,679 s/f single-tenant retail property on Turnberry Ln. in Sandy Hook, CT. This transaction was arranged by Michael Muller and Ira Zlotowitz.
- A $2,450,000 first lien mortgage for the refinance of a 25-unit multifamily on St Lawrence Ave. in Bronx, NY. This transaction was arranged by Michael Muller.
- A $2,400,000 first lien mortgage for the refinance of a 19-unit multifamily on Bank St. in Baltimore, MD. This transaction was arranged by Shai Romirowsky and Marc Tropp.
- A $2,100,000 first lien mortgage for the refinance of a 38-unit multifamily on E 24th St. in Chester, PA. This transaction was arranged by David Singer.
- A $1,800,000 first lien mortgage for the refinance of a 4-unit multifamily on Lafayette Ave. in Brooklyn, NY. This transaction was arranged by Nate Hyman and David Metzger.
- A $1,725,000 first lien mortgage for the acquisition of a 10-unit mixed-use on Ocean Ave. in Jersey City, NJ. This transaction was arranged by Michael Muller and Ira Zlotowitz.
- A $1,180,000 first lien mortgage for the refinance of an industrial unit on Kosciuszko St. in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
- A $1,080,000 first lien mortgage for the refinance of an 18-unit mixed-use on Bloomfield Ave. in Newark, NJ. This transaction was arranged by David Betesh.
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Hunt Mortgage Group provided two Fannie Mae loans to finance the acquisition of two multifamily properties located in Amherst, New York. The loans were provided to the same sponsor and the properties were acquired concurrently. The total investment is $7.5 million. Loan terms include a 10-year including two-years of interest-only, followed by a 30-year amortization. The properties:
- Alberta Square Apartments. Hunt Mortgage Group provided acquisition financing in the amount of $2.5 million for Alberta Square Apartments. Located at 386 Alberta Drive in Amherst, the property is situated on 2.3 acres and consists of three, two-story residential buildings, plus one garage building. Alberta Square has a total of 48 units and was built in 1965. All units have two-bedrooms and one-bath.
- Bowdoin Square Apartments. Hunt Mortgage Group provided a $5 million loan to facilitate the acquisition of Bowdoin Square Apartments. Located at 1260 North Forest Road in Amherst, the property is situated on 7.9 acres and is comprised of eight, two-story residential buildings, plus two garage buildings. Bowdoin Square Apartments houses 70 units, was built in 1968, and has four floor plans.
The deals were brokered to Hunt Mortgage Group by Frank Giacobbe of Aurora Capital Advisors, LLC.
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W Financial has provided the following bridge loans which were handled by David Heiden, Jarret Schochet and Andrew Singer:
- A $3,600,000 first mortgage loan secured by two mixed-use, walk-up buildings located on West 46th Street, between 8th and 9th Avenues in Hell’s Kitchen. The borrower’s existing first mortgage loan was coming due and the restaurants, which are owner-occupied were not performing well due to the closing of the sidewalk for 18 months as a result of the construction of a new hotel next door. The hotel is now completed, and the sidewalk has been reopened. The borrower plans to refinance the W Financial loan with a conventional bank loan in the near future once the restaurant income fully recovers.
- A $10,000,000 parri passu loan participation in a blanket first mortgage loan secured by 20 unsold sponsor units in an upscale condominium development located on NE 188th Street in Aventura, Florida. The developer needed to refinance the construction loan and desired the flexibility to be able to pay down the loan incrementally as the units are sold. W Financial and its participant offered a tailored solution and closed the loan within a short time frame. The borrower plans to repay the loan according to a predetermined release price schedule as the condominium units are sold.
- In May 2015, W Financial originally provided a $10,000,000 acquisition loan secured by an approximately 11,850 square foot, 25 ft. wide townhouse located on East 64th Street, between Lexington and Third Avenues. The borrower, an experienced developer, bought the site with plans to alter the existing structure and build new high-end, for-sale condo units. Since closing the acquisition loan, the borrower has finalized his construction plans and budget, and demolished much of the existing structure and began constructing the new building. The borrower then approached W Financial for additional proceeds to be utilized for the construction. W Financial reviewed the construction budget and offered the borrower a $5,000,000 construction loan, which will be funded in stages as the construction progresses and work is completed. The borrower plans to repay the W Financial loan, which is structured as a second mortgage with proceeds from the eventual sales of the condominium units
- A $2,900,000 bridge loan collateralized by an approximately 2,549 square foot loft condominium unit located on Greene Street, between Prince and Spring Streets, in the SoHo neighborhood of Manhattan. The borrower needed the loan to refinance mortgages that were coming due. The borrower is currently marketing the apartment for sale and plans to repay the W Financial loan with the sales proceeds.
- A $4,350,000 first mortgage loan secured by a four-story, approximately 7,390 square foot, mixed-use building located on Flushing Avenue, between Evergreen and Central Avenues in the Bushwick neighborhood of Brooklyn. The owner; a repeat W borrower, purchased the property in January 2016 using a short-term source of private financing. The borrower was seeking bank financing to repay his maturing acquisition loan, but was uncertain that the bank would be able to close on time. W Financial was able to close the loan in a short time frame, and provided the borrower with an attractive freely pre-payable bridge loan which will give the borrower both the time and the flexibility to pursue permanent financing.
- A $17,000,000 mezzanine loan collateralized by the borrower’s ownership interests in various cash-flowing multifamily properties located throughout Brooklyn and Long Island. The borrower is a local real estate investor who was scheduled to close on a time-sensitive acquisition and required the funds in order to close on time. W Financial was able to offer a creative solution to quickly free up some of the borrower’s equity providing the liquidity he needed to close on his time-of-the-essence acquisition. Subsequent to our closing our loan was paid down by $1,700,000 and a portion of the collateral was released. The borrower plans to repay the balance of W’s loan by either selling or refinancing a portion of his portfolio.
- A $7,000,000 first mortgage loan secured by a one-story, approximately 5,000 square foot, commercial building located on West 47th Street on the West Side Highway on the Far West Side in the Clinton neighborhood of Manhattan. The property offers approximately 200 feet of frontage on the West Side Highway, and has significant development potential. The borrower; an owner-operator, required the bridge loan to fund an outside business venture and plans to repay the W Financial loan, which allowed him to access some of his equity, by either selling the property or by refinancing with a conventional lender.
