Meridian Capital announced the following transactions:
• A new mortgage of $8,500,000 on a nine-unit, five-story multifamily building located on Mercer Street in New York, NY. The loan features a rate of 3.00% and a three-year term. Ronnie Levine and Jeffrey Berkes negotiated this transaction.
• New mortgages totaling $7,450,000 were placed on three multifamily buildings totaling 144 units. The properties are located on Newark Avenue, Hamilton Street and Allen Road in Bradley Beach, Rahway and Mansfield, NJ, respectively. The loans feature rates of 3.63% and 10-year terms. Max Beyderman and Michael Salamon negotiated these transactions.
Ronnie Levine
• A new mortgage of $3,925,000 on a 75-unit, six-story multifamily building located on Central Avenue in Orange, NJ. The loan features a rate of 3.25% and a seven-year term. Russ Drebin negotiated this transaction.
• A new mortgage of $2,350,000 was placed by Meridian on a 10-unit, six-story multifamily building located on York Street in Brooklyn, NY. The loan features a rate of 3.00% and a five-year term. Judah Hammer and Daniel Neiss negotiated this transaction.
• A new mortgage of $2,000,000 on a 23-unit, four-story multifamily building located on East 21st Street in Brooklyn, NY. The loan features a rate of 3.25% and a 10-year term. Morris Diamant and Tzvi Krieger negotiated this transaction.
• A new mortgage of $2,000,000 on a 10-unit, five-story multifamily building located on West 131st Street in New York, NY. The loan features a rate of 3.50% and a 10-year term. Michael Salamon negotiated this transaction.
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GCP Capital Group has arranged mortgage financing in the aggregate amount of $19,000,000 for the following properties:
• $8,200,000 for a loan on 115 co-operative apartments in a six-story cooperative apartment building located in Astoria, Queens. Matthew Classi arranged the financing.
• $5,500,000 for a newly developed one-story commercial building of approximately 15,000 square feet, located in Springfield Gardens, Queens. Paul Greenbaum arranged the financing.
• A second mortgage in the amount of $2,200,000 for a six-story apartment building containing 29 units and approximately 4,200 s/f of commercial space, located on Delancey Street in Manhattan. Paul Greenbaum arranged the financing.
• $1,700,000 for a four-story apartment building containing 6 apartments and 1 ground floor retail space, located on Fourth Avenue in Brooklyn. Matthew Classi arranged the financing for this property.
• $1,400,000 for a one-story retail building containing six stores, located on Nagle Avenue in Manhattan. Adam Brostovski arranged the financing for this property.
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Houlihan Parnes Realtors announced the following transactions:
• Steve McCulloch placed of a $3,750,000 first mortgage on the two office/flex buildings located at 700-900 Corporate Boulevard, Newburgh, NY. The non-recourse loan was done at par by a local commercial bank and has a fixed rate of 4.25% for the seven year term with a 30-year amortization schedule. The loan is prepayable throughout the term on a declining scale and also has a 5-year option to extend. The multi-tenanted buildings have a total of 72,000 square feet and are 100% occupied.
• Andy Greenspan and James J. Houlihan placed new ten-year financing on two 40,000 s/f buildings on 30 and 40 Ramland Road in Orangeburg, New York. The properties have been owned by an entity including some of the principals of Houlihan-Parnes since March 2000. The properties have undergone extensive renovation over time. The fixed-rate loan features a flexible pre-payment plan and also includes an option for a five year renewal. The borrower was represented by Mike Lynch of Lynch and Associates, and title was placed through Chicago Title.
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RCG Longview has closed a $7,500,000 mezzanine loan for the acquisition of an existing parking garage building located in the Greenwich Village neighborhood of New York, NY. The sponsor used the funds to acquire the property and is in the process of doing certain predevelopment work for a conversion into high-end for sale residential condominiums.
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Arbor Commercial Funding, LLC announced the recent funding of 11 loans totaling $76,479,999 across the Midwest under the Fannie Mae Delegated Underwriting & Servicing (DUS), Fannie Mae DUS Multifamily Affordable Housing and Fannie Mae DUS Small Loan product lines. All of the loans were originated by Anthony Tarter. The loans include:
• Wimberly Park Apartments, Duncanville, TX – This 440-unit multifamily property received $14,999,999 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
• Camelot Village, Mesquite, TX – This 512-unit multifamily property received $14,900,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
• Ventana at Valwood, Farmers Branch, TX – This 265-unit multifamily property received $6,502,800 funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The complex includes a common laundry area with several washers and dryers.
• Sayle Gardens, Greenville, TX – This 119-unit multifamily property received $3,175,000 funded under the Fannie Mae DUS Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The property includes a swimming pool and laundry facility.
• Mill Run Apartments, Dallas, TX – This 112-unit multifamily property received $2,960,000 funded under the Fannie Mae DUS Affordable Housing Loan product line. The 10-year acquisition loan amortizes on a 25-year schedule. The property includes a swimming pool as well as a central laundry center.
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Eastern Union announced the following transactions:
• A $21,100,000 first lien mortgage for the refinance of a 6 property multifamily portfolio comprising 402 units. This transaction was arranged by Michael Muller.
• A $11,500,000 construction takeout mortgage for a 450 unit multifamily property in Willingboro, NJ. This transaction was arranged by Shaya Ackerman.
• A $5,000,000 first lien mortgage for the refinance of a 4 story,17 unit mixed-use elevator property in Brooklyn, NY. This transaction was arranged by Michael Muller.
• A $1,995,000 first lien mortgage for the refinance of a 5 story, 10 unit mixed-use property in the Bronx. This transaction was arranged by Jeff Seidenfeld.
• A $1,000,000 first lien mortgage for the refinance of a 3 story, 5 unit multifamily property in Brooklyn, NY. This transaction was arranged by Abraham Bergman and Jake Handelsman.
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Pergolis Swartz Associates announced the following trnasactions:
• A permanent loan in the amount of $3,500,000 was arranged by Barry Swartz for a five story residential apartment building containing 9 units and located on East 6th Street in Manhattan.
• Richard Pergolis negotiated a seven year fixed rate mortgage in the amount of $3,150,000 for a multi-family property on Carpenter Avenue in the Bronx.
• Len Solinsky closed a seven year fixed rate loan in the amount of $2,350,000 for a multi-family property on DeKalb Avenue in Brooklyn.
