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TRANSACTIONS: GCP places mortgages in the aggregate amount of $32,650,000
Emerald Creek Capital announced the following transactions:
• An $8,000,000 bridge loan in the city of Miramar, FL in Broward County. The loan is secured by a recently constructed five-story office building with 15 office spaces of varying sizes, anchored by a GSA tenant. Financing was originated by ECC Managing Director Mike Cleaver.
• A $6,500,000 acquisition loan in the Ridgewood neighborhood of Queens, NY. The loan is secured by a 15,029 square foot development site with plans for a 7-story mixed-use building. Financing was originated by ECC Vice President Matt Fantuzzi.
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HKS Real Estate Advisors announced the following recent transactions:
• $15.4 million loan for the acquisition and partial renovation of three warehouse properties in Philadelphia, PA. Michael Lee negotiated the financing of this transaction.
• $10.6 million refinance for a newly developed seven-story, 22,719 s/f multi-family building in Brooklyn comprised of 29 residential units and seven parking spaces. Charles Yellen negotiated the financing of this transaction.
• $10.3 million construction/renovation loan to transform an existing asset in Brooklyn into a five-story, 39,608 square foot luxury rental building comprised of 45 residential units. The property is being operated on a 99-year NNN leasehold. Max Ralby negotiated the financing of this transaction.
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Houlihan-Parnes Properties announced that Michael Cuniberti and Brian Sullivan arranged first mortgage financing of $2,450,000 along with a line of credit of $250,000 on a 53-unit co-operative located at 1922 McGraw Avenue in the Parkchester section of the Bronx. The property is a multi-tenanted, six-story elevator building with three professional spaces. The refinancing was placed with a New York based bank for 10-year term at 3.15% interest and 30-yr amortization schedule. The loan was done at par with a yield maintenance prepayment penalty. The borrower was represented by Alan Snider, Esq. and title was provided by Madison Abstract.
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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:
• $650,000 for the acquisition of a residential investment property on Route 9W near the Village of Nyack in Rockland County, NY. The borrower purchased the property as an investment opportunity and plans to lease it in the near future. It is expected that the borrower will refinance W’s bridge loan with a conventional bank loan once the property has been rented and is occupied by a tenant.
• $9,400,000 for the acquisition of a 35-unit, multi-family building located on Bedford Avenue in the Williamsburg neighborhood of Brooklyn. The borrower is an experienced real estate investor in the New York area and plans to repay the W Financial loan with a traditional bank loan after he finishes renovating apartments.
• $3,300,000 bridge loan collateralized by a luxury condominium unit located on Park Place between Church Street and Broadway in the TriBeCa neighborhood of Manhattan. The loan was utilized to provide the borrower with liquidity for another investment. The borrower purchased the unit in 2017 and it is currently leased at market rates. He plans to repay the bridge loan either through a refinancing or by the sale of the condominium unit.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $32,650,000 for the following properties:
• $18,000,000 for a nine-story multifamily apartment building containing 21 units and 2,900 s/f of commercial space, located on East 81st Street in Manhattan, New York. Matthew Classi, Managing Member, arranged the financing for this transaction.
• $7,050,000 combined financing for a mixed-use building containing 8 apartments and 2 commercial units in Manhattan, and a single-story retail strip center of 10,000 s/f and two contiguous mixed-use buildings containing a total of 20 apartments and 4 commercial units, located throughout the Bronx, New York. Adam Brostovski, Managing Member, arranged the financing.
• $4,200,000 for a three-building neighborhood shopping center comprised of 30,400 s/f located in Staten Island, New York. Alan Perlmutter, Managing Member, arranged the financing for this transaction.
• $3,400,000 for a single-story commercial building comprised of 14,000 square feet, located on Cropsey Avenue in Brooklyn, New York. Paul Greenbaum, managing member, arranged the financing for this transaction.
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