TRANSACTIONS: Meridian makes $9M Brooklyn loan; GCP Capital arranges $61M in mortgages

Meridian Capital announced the following transactions:
• A new mortgage of $9,000,000 was placed on a six-story, 71-unit multifamily property located on Ocean Avenue in Brooklyn, NY. The loan features a rate of 3.125% and a five-year term. This transaction was negotiated by Cary E. Pollack and Steven Cohen.
• A new mortgage in the amount of $1,275,000 on a 14-unit multifamily property located on Garfield Street in Queens. The loan features a rate of 3.125% and a three-year term. Judah Hammer and Daniel Neiss negotiated this transaction.
• A new mortgage of $17,100,000 was placed on a six-story, 119-unit multifamily property located on Ovington Avenue in Brooklyn, NY. The loan features a rate of 3.25% and a five-year term. This transaction was negotiated by Isaac Filler and Michael Helmreich.
• A new mortgage in the amount of $7,425,000 on a 12-unit mixed-use property with 5,000 square feet of retail space located on East 60th Street in New York, NY. The loan features a rate of 3.50% and a five-year term. Carol Shelby and Dani Sabesan negotiated this transaction.
• A new mortgage of $4,000,000 was placed on a seven-story, six-unit mixed-use property with 18,900 square feet of retail space located on West 26th Street in New York, NY. The loan featured a rate of 3.50% and a five-year term. This transaction was negotiated by Cary E. Pollack and Steven Cohen.
• A new mortgage in the amount of $1,900,000 on a three-story, five-unit multifamily property located on Roebling Street in Brooklyn, NY. The loan features a rate of 3.25% and a five-year term. Shamir Seidman and Daniel Neiss negotiated this transaction.
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Eastern Union Funding announced the following transactions:
• A $6.7 million in acquisition financing for the purchase of 265-269 East 194th Street, a 52-unit multifamily property in the Fordham Manor section of the Bronx. Secured through Wyomissing, Pa.-based Customers Bank, Jonathan Singer negotiated one-year of interest-only payments for the borrower, East 194th St Holdings LLC, an investment group involved in numerous 1031 exchanges.
• A $2,650,000 first lien mortgage for the refinance of a retail center on Park Ave. in Brooklyn, NY. This transaction was arranged by Nate Hyman and David Metzger.
• A $2,300,000 first lien mortgage for the refinance of a 6-unit multi-family on Madison St. in Ridgewood, NY. This transaction was arranged by David Eisen.
• A $2,025,000 first lien mortgage for the refinance of a 60-unit multi-family on Marie St. in Trenton, MI. This transaction was arranged by Ira Zlotowitz.
• A $1,950,000 first lien mortgage for the refinance of a 5-unit multi-family on Meserole Ave. in Brooklyn, NY. This transaction was arranged by Meir Kessner.
• A $1,750,000 first lien mortgage for the refinance of a 7-unit retail on Philadelphia Rd. in Rosedale, MD. This transaction was arranged by Marc Tropp and Shai Romirowsky.
• A $1,146,000 first lien mortgage for the refinance of a 4-unit multi-family on Jefferson Ave. in Brooklyn, NY. This transaction was arranged by Motti Blau.
• A $1,400,000 first lien mortgage for the refinance of a 6-unit multi-family on E 93rd St. in Brooklyn, NY. This transaction was arranged by Motti Blau.
• A $1,241,000 first lien mortgage for the acquisition loan of a 4-unit multi-family on Girard St. NW in Washington, DC. This transaction was arranged by Shai Romirowsky and Marc Tropp.
• A $1,200,000 first lien mortgage for the refinance of a 3-unit multi-family on Hancock St. in Brooklyn, NY. This transaction was arranged by David Eisen.
• A $1,000,000 first lien mortgage for the refinance of a 6-unit multi-family on E 94th St. in Brooklyn, NY. This transaction was arranged by Jake Handelsman.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $61,225,000 for the following properties:
• $32,000,000 for a portfolio of 3 six-story multifamily apartment buildings containing a total of 186 units and approx. 17,650 s/f of commercial space, located on Broadway in Manhattan, New York. Adam Brostovski, Principal of GCP Capital Group, arranged the financing for this portfolio.
• $16,050,000 for a 7 building, two-story garden apartment complex containing a total of 97 apartments, located in Lake Ronkonkoma, Suffolk County, New York. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $6,400,000 combined financing for 2 multifamily apartment buildings containing a total of 46 units and 6 stores, located in the Washington Heights section of Manhattan, New York. Adam Brostovski arranged the financing for this transaction.
• $4,475,000 for a five-story multifamily apartment building containing 47 units, located on Academy Street in Manhattan, New York. Louis Perlmutter, Senior Associate of GCP Capital Group, arranged the financing for this transaction.
• $2,300,000 blanket financing for a two-story multifamily apartment building containing 4 units, located on Gates Avenue in Ridgewood, New York and a three-story multifamily apartment building containing 3 units, located on Conselyea Street in Brooklyn, New York. Matthew Albano, Senior Broker of GCP Capital Group, arranged the financing for these transactions.
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Holliday Fenoglio Fowler, L.P. (HFF) arranged $6.7 million in acquisition financing for 34-38 Industrial Way East, a 106,918 s/f industrial flex facility in the southern Monmouth County, New Jersey community of Eatontown. HFF worked on behalf of the borrower, The Donato Group, to place the five-year, floating-rate loan with Lakeland Bank. The HFF debt placement team representing the borrower was led by director Michael Klein. 34-38 Industrial Way East is a two-building facility with 14 individual flex units ranging in size from 3,000 to 17,000 s/f. The 83.6-percent-occupied buildings are home to Paw BioScience; Hanro of Switzerland; Augustine Consulting, Inc.; Alkaline Corp; KruseCom; and Meridian Health.
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W Financial has provided the following bridge loans and joint venture equity investments which were handled by David Heiden, Jarret Schochet and Andrew Singer:
• A $600,000 loan utilized for the acquisition and renovation of a vacant, three-story, mixed-use building located on St Johns Place in the Crown Heights neighborhood of Brooklyn. The loan will allow the borrowers to renovate and lease the vacant units. Once the building is fully cash-flowing, the borrowers plan to refinance the loan with a conventional bank loan.
• A $6,000,000 senior position within a $9,000,000 first mortgage loan utilized to purchase a vacant 2,500 s/f development site located in the SoHo section of Manhattan. The junior lender also provided a subordinate $8,000,000 construction loan at the closing which will enable the borrower to construct the building. The site allows for a total of approximately 12,500 buildable square feet. The borrower plans to construct a six-story, luxury boutique condominium building, with a ground floor retail unit and four apartments.
• A $1,020,000 loan collateralized by two, high-end condominium units situated in an 18-story, 122-unit, mixed-use condominium building in the West Village. The borrower needed the loan to provide working capital for other transactions.
• A $600,000 first mortgage loan collateralized by a one-story retail building which is owner-occupied and located in East Williamsburg. The borrower is using the loan to fund a divorce settlement. The borrower later plans to refinance the W Financial loan with a conventional bank loan.
• A $1,000,000 first mortgage loan collateralized by an approximately 6,200 s/f single-family residence located on Woodmere Blvd in Woodmere, Long Island. The borrower is using the loan to refinance existing debt and to provide additional capital needed to finish the construction.
• A $3,000,000 joint venture equity investment to acquire a 100 percent leased, two-building, 113,000 s/f, Class A office property located on 6.21 acres in Palm Beach Gardens, Florida. W Financial contributed $3 million of the approximately $10 million of equity needed to acquire the $30,050,000 asset in partnership with a seasoned operating partner and with a local partner. The partners expect to see NOI growth as below-market leases turn over in the normal course of business.