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TRANSACTIONS: GCP Capital Group arranges $66,450,000 of financing
GCP Capital Group has arranged mortgage financing in the aggregate amount of $66,450,000 for the following properties:
• $25,000,000 for a five-story multifamily apartment building containing 80 units and 2 stores, located in Long Island City. Adam Brostovski, managing member, arranged the financing for this transaction.
• $18,000,000 for a nine-story multifamily apartment building containing 21 units and 2 commercial units, located on East 81st Street in Manhattan. Matthew Classi, managing member, arranged the financing.
• $14,000,000 for a six-story multifamily apartment building comprised of 29,460 s/f, located on Audubon Avenue in Manhattan. Paul Greenbaum, managing member, arranged the financing.
• $9,450,000 for a six-story mixed-use building containing 54 apartments and 5 commercial units, located on West 129th Street in Manhattan. Michael Charnowitz, managing director, arranged the financing.
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Eastern Union has arranged the following financing:
• A $33,991,000 first lien mortgage for the refinance of a 16-unit retail property in Columbus, GA. This transaction was arranged by Marc Tropp.
• A $4,050,000 first lien mortgage for the refinance of a 46-unit multifamily property in Elizabeth, NJ. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.
• A $1,215,500 first lien mortgage for the refinance of a 4-unit multifamily property in Bronx, NY. Sherwyn McCammon arranged the loan.
• A $2,725,000 first lien mortgage for the refinance of a 3-unit mixed-use property in Brooklyn, NY. This transaction was arranged by Isaac Weiss.
• A $2,250,000 first lien mortgage for the acquisition of a 2-unit multifamily property in Brooklyn, NY. This transaction was arranged by Yossi Rubin.
• A $3,200,000 first lien mortgage for the acquisition of a 46-unit multifamily property in Plainville, CT. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.
• A $1,725,000 first lien mortgage for the acquisition of land in Fulton, MD. This transaction was arranged by Marc Tropp.
• A $12,400,000 first lien mortgage for the refinance of a 38-unit multifamily property in Brooklyn, NY. This transaction was arranged by David Eisen.
• A $8,100,000 first lien mortgage for the refinance of a 49-unit multifamily property in Yonkers, NY. This transaction was arranged by Abe Kolman.
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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:
• $2,150,000 bridge loan to acquire a multi-family property on Chancellor Avenue in Newark, NJ. The borrower required a bridge loan to close quickly and satisfy a 1031 tax-free exchange deadline. The borrower plans to refinance the W Financial loan with conventional financing upon the stabilization of the property.
• $9,175,000 bridge loan collateralized by a shopping center on Westwood Boulevard in Orlando, Florida. The borrower needed to refinance a maturing bank loan. He plans to stabilize the property by leasing up the vacant spaces and then repay the W Financial loan by refinancing with a conventional lender.
• $4,000,000 bridge loan collateralized by a 79-acre parcel of land within a planned mixed-use campus with uses that include medical, assisted living and a data center in Totowa, NJ. The borrower required a fast closing to fund a deposit to purchase another property at auction. Given the very low loan to value, it is anticipated that the borrower will request an increase in the loan in a few months. He intends to repay W Financial with a sale of two of the parcels which are under contract.
The post TRANSACTIONS: GCP Capital Group arranges $66,450,000 of financing appeared first on Real Estate Weekly.