Meridian negotiated a new mortgage in the amount of $6,000,000 on a five-story, 26-unit multifamily property located on Creston Avenue in Bronx, NY. The loan features a rate of 3.125 percent and a five-year term. Avi Weinstock and Chaim Tessler negotiated this transaction.
Ariel Property Advisors’ Capital Services Division recently arranged a $1.8 million acquisition loan, on a $2.4 million purchase, for a 6,000 square foot, corner mixed-use property located at 140 Main Street in Manasquan, New Jersey.
The division arranged a non-recourse 7-year acquisition loan at 4.125 percent with a favorable step-down pre-payment schedule where the client can prepay their loan in the final two years. The property consists of 4 retail units and 5 residential units where all the retail tenants are on short term leases but have been at the location for a number of years.
Brick Capital Partners, through an affiliate entity, funded a $1,325,000 First Mortgage. The borrower, an Estate, needed the funding in order to begin settling tax and real estate liens. The collateral is comprised of a 6200 square foot home on 1.5 acres of land and views of Manhasset Bay.
Brick Capital Partners, through an affiliate entity, provided second mortgages in the aggregate amount of $1,190,000 to a private real estate owner. Located in the Red Hook and Boerum Hill sections of Brooklyn, the collateral is comprised of two vacant four story walk-up apartment buildings. The loan proceeds are to be used for the gut renovation of both buildings. The loan is interest only with a 1 year term.
David Singer arranged $52.3 million in senior debt for the acquisition of a 443-unit multifamily in Deptford, NJ.
GCP Capital Group, LLC has arranged mortgage financing in the aggregate amount of $26,200,000 for the following properties: