Transactions: Eastern Union’s $36.9M loan for Bronx portfolio, Meridian’s $2.6M for Cedarhurst co-op

Finance & Accounting

• By REW
• •   April 26, 2017

Eastern Union Funding arranged the following transactions:

• A $36.9 million first lien mortgage for the acquisition of an 11-building multifamily portfolio in Bronx, NY. This transaction was arranged by Jonathan Singerand David Metzger.
• A $10,500,000 first lien mortgage for the acquisition of a 197-unit multifamily in Pennsville, NJ. This transaction was arranged by David Singer.
• A $5,000,000 first lien mortgage for the refinance of a 61-unit multifamily on 40th St. in Sunnyside, NY. This transaction was arranged by Michael Muller.
• A $2,200,000 first lien mortgage for the acquisition of a 6,800 sf industrial property on Route 114 in East Hampton, NY. This transaction was arranged by Marc Tropp.
• A $1,450,000 first lien mortgage for the refinance of a 3-unit multifamily on South Lakeshore Dr. in Browns Mills, NJ. This transaction was arranged by Jeffrey Seidenfeld and Jonathan Singer.

•••

Meridian Capital announced the following transactions:

• A $2.6 million in financing for the refinance of a co-operative property located in Cedarhurst, NY. The 10-year loan, provided by a regional bank, features a fixed rate of 3.50% and full-term interest-only payments. This transaction was negotiated by Judah Hammer and Michael Ryback.The property, located at 272-300 Cedarhurst Avenue in Cedarhurst, is a 47-unit co-op.
• A new mortgage in the amount of $2,950,000 on a six-story, 25-unit multifamily property located on Broadway in New York, NY. The loan features a rate of 3.125% and a five-year term. Shamir Seidmanand Daniel Neiss negotiated this transaction.
• A new mortgage of $7,140,000 was placed by Meridian on a five-story, 47-unit multifamily property located on Sedgwick Avenue in the Bronx, NY. The loan features an initial rate of 3.50% and a five-year term. This transaction was negotiated by Moe Rosenblum.
• A new mortgage in the amount of $5,300,000 on a 13-story, 92-unit cooperative property located on West 92nd Street in New York, NY. The loan features a rate of 3.40% and a 10-year term. Steve Gellerand Nicoletta M. Pagnottanegotiated this transaction.
• A new mortgage of $4,564,000 was placed by Meridian on a five-story, 33-unit multifamily property located on Devoe Terrace in the Bronx, NY. The loan features an initial rate of 3.50% and a five-year term. This transaction was negotiated by Moe Rosenblum.
• A new mortgage in the amount of $3,500,000 on a five-story, 14-unit multifamily property located on Wadsworth Avenue in New York, NY. The loan features an initial rate of 3.375% and a five-year term. Judah Hammer and Daniel Neissnegotiated this transaction.
• A new mortgage of $3,175,000 was placed on a five-story, 20-unit multifamily property located on East 163rd Street in the Bronx, NY. The loan features an initial rate of 3.50% and a five-year term. This transaction was negotiated by Moe Rosenblum.

•••

Hunt Mortgage Group arranged the financing needed to enable ROCO Real Estate to acquire three multifamily properties in Ohio, Illinois and Alabama. The total Hunt investment was $36.7 million. The properties were financed through ROCO’s structured credit facility with Freddie Mac and Hunt. ROCO is a privately-owned real estate investment firm located in Bloomfield Hills, Michigan. The transactions are structured as a five-year interest-only term at a variable rate based on the 30-day LIBOR.

The properties include:

• Fox Chase Apartments, a 304-unit multifamily apartment complex in Holland, Ohio, within the Toledo metropolitan service area. Built in 1998, the property consists of 23 two-story residential apartment buildings, a leasing office/clubhouse and six free-standing garages. Hunt Mortgage Group provided a loan in the amount of $17.6 million to facilitate the acquisition of Fox Chase Apartments.
• Knoxville Pointe Apartments. Located in Dunlap, Illinois, Knoxville Pointe Apartments is a 218-unit multifamily apartment complex that was built in 2001 and is comprised of 13 two-story residential apartment buildings, a leasing office/clubhouse and a swimming pool. Hunt Mortgage Group provided a loan in the amount of $12.9 million to facilitate the acquisition of Knoxville Pointe Apartments.
• Huntsville Place Apartments is an 84-unit multifamily apartment complex located in Huntsville, Alabama. Built in 2008, the property consists of eight, three-story residential apartment buildings, a leasing office/clubhouse and a swimming pool. Hunt Mortgage Group provided a $6.2 million loan to enable to acquisition of Huntsville Place Apartments.The property is an off-campus student housing property with a total of 336-beds.

•••

GCP Capital Grouphas arranged mortgage financing in the aggregate amount of $44,927,500 for the following properties:

• $18,000,000 for adjacent seven-story and three-story multifamily apartment buildings containing a total of 127 units, located on East 140^th Street in the Bronx, New York. Paul Greenbaum, Managing Member of GCP Capital Group, arranged the financing for this transaction.
• $8,225,000 for a five-story multifamily apartment building containing 19 units, located in the SoHo neighborhood of Manhattan, New York. Alan Perlmutter, Managing Member of GCP Capital Group, arranged the financing.
• $6,700,000 combined financing for two six-story multifamily apartment buildings containing a total of 72 units, located on East 15th Street in Brooklyn, New York. Michael Charnowitz, Senior Associate of GCP Capital Group, arranged the financing for these transactions.
• $6,002,500 combined financing for four multifamily apartment buildings containing a total of 65 units and 4,040 square feet of commercial space, located in Yonkers and in the Bronx, New York. Jack Fried, Senior Associate of GCP Capital Group, arranged the financing for these transactions.
• $6,000,000 for three contiguous four-story multifamily apartment buildings containing a total of 27 units, located on 29th Street in Astoria, New York. Matthew Albano, Managing Director, arranged the financing.

•••

Houlihan Parnes Realtors announced that Jeremiah A. Houlihanand James K. Coleman arranged a 1st mortgage loan in the amount of $2,250,000 on a medical office building located at 280 Mamaroneck Avenue in downtown White Plains, NY. The 3-story building contains a retail store, 16 medical tenants, a self-service elevator and on-site parking for 60 cars. The loan was placed with a savings bank for a 10-year term at a prevailing interest rate on a 30-yr amortization schedules. The lender charged no commitment fee and the loan has sliding scale pre-payment penalties.

•••

Eastern Consolidated Capital Advisory Division has arranged a $7 million loan to refinance a 4,500 s/f retail condo at 201 Mulberry Street in Nolita. Jonathan Aghravi and Charles Han represented the borrower, 201 Mulberry Commercial LLC, and secured a bridge loan from Rob Rynarzewski of East West Bank. The short-term bridge loan reduced the borrower’s previous interest rate and allowed additional time to sign a long-term lease for the space. Located at the base of a six-story elevator residential building, the ground floor condo features five skylights, 10- to 18-foot high ceilings, and 21 feet of frontage on Mulberry Street.