Meridian Capital Group announced the following transaction:
• $13 million in financing for the refinance of a mixed-use property located in the Bayside neighborhood of Queens, NY. The seven-year loan, provided by a local balance sheet lender, was negotiated by David Oheb. The property, located at 6154-6156 Springfield Boulevard, is a two-story, 20,250 s/f mixed-use building whose tenants include Dunkin Donuts, Ivy League Early Learning Academy, HeartShare Human Services of New York, and the Bi Won Korean Barbeque restaurant. Meridian arranged the first mortgage to replace a CMBS loan maturity from 2007.
• A new mortgage in the amount of $7,500,000 on a six-story, 83-unit multifamily property located on Boynton Avenue in the Bronx, NY. The loan features an initial rate of 3.35% and a three-year term. David Hayum and Isaac Filler negotiated this transaction.
• A new mortgage of $5,500,000 was placed by Meridian on a 20-unit multifamily property located on Wexford Terrace in Queens, NY. The loan features an initial rate of 3.50% and a five-year term. This transaction was negotiated by David Hayum.
• A new mortgage in the amount of $4,500,000 on a 16-unit multifamily property located on 47th Street in Queens, NY. The loan features an initial rate of 3.625% and a five-year term. David Hayum and Luke Hingson negotiated this transaction.
• A new mortgage of $4,000,000 was placed on a seven-unit multifamily property located on Madison Avenue in New York, NY. The loan features an initial rate of 3.625% and a five-year term. This transaction was negotiated by Elliott Birnbaum and Kerry Brick.
• A new mortgage in the amount of $2,310,000 on a five-story, 14-unit multifamily property located on Longwood Avenue in the Bronx, NY. The loan features an initial rate of 3.375% and a five-year term. David Hayum negotiated this transaction.
• A new mortgage of $2,300,000 was placed on a 16-unit multifamily property located on Ocean Avenue in Brooklyn, NY. The loan features an initial rate of 3.50% and a five-year term. This transaction was negotiated by Jacob Nefoussi.
• $5 million in balance sheet financing for the refinance of a mixed-use portfolio located in East Harlem. The seven-year loan, provided by a local balance sheet lender, features a competitive fixed rate of 3.35%. This transaction was negotiated by Meridian Associate, Bryan Geffen. The portfolio, located at 2024-2036 2nd Avenue, consists of four four-story buildings with 25 apartments and seven retail spaces.
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GCP Capital Group arranged mortgage financing in the aggregate amount of $25,600,000 for the following properties:
• $6,500,000 for a six-story multifamily apartment building containing 72 units and 4 retail tenants, located on West 172nd Street. Paul Greenbaum, Managing Member, arranged the financing for this transaction.
• $5,550,000 for a five-story mixed-use building containing 18 apartments and 720 square feet of commercial space, located in SoHo. Alan Perlmutter, Managing Member, arranged the financing for this transaction.
• $5,550,000 for a portfolio of seven multifamily apartment buildings containing a total of 73 units and 2,400 square feet of commercial space, located in Bedford-Stuyvesant. Michael Charnowitz, Senior Associate, arranged the financing.
• A permanent/acquisition loan in the amount of $5,500,000 for two ground floor condominium units totaling approximately 4,970 square feet, located on Greenwich Street. Matthew Classi, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $2,500,000 for a five-story multifamily apartment building containing 27 units, located on Clifford Place in the Bronx, New York. Adam Brostovski, principal, arranged the financing.
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Marcus & Millichap Capital Corporation announced the following transactions:
• A $46,500,000 loan for the acquisition of an 18-building multifamily portfolio located in the Brooklyn neighborhoods of Prospect Heights, Crown Heights, Bedford Stuyvesant, and Williamsburg. The financing was arranged by Andrew Dansker.
• Three separate loans totaling $4,990,000 for the acquisition of three multifamily properties located in Lansing, Michigan. The transactions were arranged by Andrew Dansker.
• A $1,500,000 loan for the refinance of a 7-unit multifamily building located on Hall Street in the Clinton Hill neighborhood of Brooklyn. The loan was arranged by Andrew Dansker, Matt Michelson, and Lior Goldberg.
• A $1,350,000 loan for the refinance of an 8-unit multifamily building located on 29th Street in Long Island City. The loan was arranged by Andrew Dansker and Matt Michelson.
• An $835,000 loan for the refinance of an 8-unit multifamily building located on West 137th Street in the Harlem neighborhood of Manhattan. The loan was arranged by Andrew Dansker and Matt Michelson.
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Walker & Dunlop, Inc. structured an $8,775,000 loan for SOCO Apartments, a Class A, garden-style community in Austin, Texas. The multifamily complex is located in SoCo, or South Congress Avenue District. Walker & Dunlop’s Stuart Wernick led the origination team in structuring a 10-year loan with the availability to rate lock at application, which attracted the sponsor, a life company lender. SOCO Apartments has 122 one-, two-, and three-bedroom units, which are over 95 percent occupied. The 103,568 s/f property consists of 16 two-story buildings plus a clubhouse, fitness center, pool, and covered and open-air parking.
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Hunt Mortgage Group provided two Fannie Mae small balance loan facilities to refinance two multifamily properties in Arizona for the same sponsor. The total Hunt Mortgage Group investment was $10.3 million. The properties include:
• Urban 55 Apartment Homes. Urban 55 Apartment Homes is located at 5038 North 55th Ave. in Glendale, Arizona, and is a garden-style apartment property comprised of 12 residential buildings and a leasing office with a total of 209 units. The property was built in 1984 and is currently 99% occupied. Hunt invested $6 million to refinance this property. The new loan will have an initial three-years of interest only payments, followed by a 30-year amortization schedule and will be used to pay off the existing loan on the property with cash-out proceeds being used to continue remodeling the property.
• Urban Edge Apartment Homes. Hunt Mortgage Group invested $10.3 million to refinance Urban Edge Apartment Homes, a garden-style multifamily property comprised of five residential buildings and a pool equipment room with a total of 124 units. The property is located at 4038 & 4116 East McDowell Road in Phoenix, Arizona, was built in 1979, and is 99% occupied. The new loan will also pay off the existing loan and be used to continue remodeling the property. The loan has a fixed rate for the initial ten years of the loan, followed by 10-years of floating rate payments. The loan will have an initial three years of interest only payments, followed by a 30-year amortization schedule. This property has an outdoor pool.