Printer Friendly

TRANSACTIONS.

CHC Capital has arranged $11,500,000 for the refinance of the Homewood Suites by Hilton in Fayetteville, NC for Shamin Hotels. The loan was placed with a national lender and offered a 10-year term, 10-years of interest only and a fixed interest rate locked at 3.85%. The 111-key property was developed by the sponsor in 2018 and has performed strongly. It benefits from its location near Fort Bragg, the largest U.S. Army base and its proximity to many of the corporate contractors who serve the base. David Turley, principal, negotiated with the lenders.

Eastern Union Funding announced the following transactions:

* A $18,750,000 first lien mortgage for the acquisition of a 240-unit multifamily property in Charlotte, NC. This transaction was arranged by Jeffrey Seidenfeld.

* A $14,700,000 first lien mortgage for the acquisition of an office building in Lakewood, NJ. This transaction was arranged by Meir Kessner and Michael Wittman.

* A $9,760,000 first lien mortgage for the refinance of a 200-unit multifamily property in Columbia, SC. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

* A $7,350,000 first lien mortgage for the refinance of a mixed-use property in Brooklyn, NY. This transaction was arranged by Meir Kessner.

* A $6,435,000 first lien mortgage for the acquisition of a 87-unit multifamily property in Pleasantville, NJ. This transaction was arranged by David Metzger, and Judah Aderet.

* A $6,112,000 first lien mortgage for the refinance of a 152-unit multifamily property in Greenville, SC. This transaction was by David Metzger, Moshe Feiner and Bernie Fried.

* A $5,437,000 first lien mortgage for the refinance of a 112-unit multifamily property in Columbia, SC. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

* A $4,987,000 first lien mortgage for the refinance of a 92-unit multifamily property in Gaffney, SC. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

* A $4,850,000 first lien mortgage for the refinance of a 100-unit multifamily property in Greenwood, SC. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

* A $4,155,000 first lien mortgage for the refinance of a 64-unit multifamily property in Clinton, SC. This transaction was arranged by David Metzger, Moshe Feiner and Bernie Fried.

* A $3,200,000 first lien mortgage for the refinance of a 97-unit mixed-use property Baltimore, MD. This transaction was arranged by Marc Tropp.

* A $2,262,000 first lien mortgage for the acquisition of a shopping center in Monticello, FL. This transaction was arranged by Marc Tropp.

GCP Capital Group arranged mortgage financing in the aggregate amount of $68,900,000 for the following properties:

* $50,000,000 for a recently renovated eighteen-story first class apartment/hotel property with interior commercial space, located in the Murray Hill neighborhood of Manhattan, New York. Matthew Classi, Managing Member, arranged the financing.

* $9,000,000 for a six-story multifamily apartment building containing 71 units and 5,650 s/f of commercial space, located on Ward Avenue in the Bronx, New York. Adam Brostovski, Principal, arranged the financing.

* $6,000,000 for a four-story multifamily apartment building containing 14 units, located in the Prospect Heights neighborhood of Brooklyn, New York. Matthew Albano, Managing Director, arranged the financing for this transaction.

* $3,900,000 for a five-story multifamily apartment building containing 41 units, located on Bryant Avenue in the Bronx, New York. Jack Fried, Senior Associatr, arranged the financing.

Shahid Jafri of Jafri Capital and TJ Randall of W Financial arranged a $950,000 bridge loan for a property located at 425-433 Jericho Turpike, New Hyde Park, NY. The sponsor is utilizing the.bridge loan to renovate the property which was acquired for $1,700,000 with a LTV of 63.3%.

Meridian Capital announced the following transactions:

* A new mortgage of $16,000,000 on a mixed-use property totaling 29 units located on Broadway in New York, NY. The loan features a rate of 4.00% and a five-year term. This transaction was negotiated by Isaac Filler and Joseph Koschitzki.

* A new mortgage in the amount of $6,500,000 on a 16-unit multifamily property located on West 137th Street inNew York, NY. The loan features a rate of 3.58% and a 10-year term. Cary E. Pollack and Judah Neuman negotiated this transaction.

* A new mortgage of $4,900,000 was placed on a multifamily property totaling 48 units located on Central Avenuein Union City, NJ. The loan features a rate of 3.88% and a five-year term. This transaction was negotiated by Judah Hammer and Jared Kaufman.

* A new mortgage in the amount of $4,275,000 on a 16-limit multifamily property located on Ludlow Street in New York, NY. The loan features a rate of 4.00% and a seven-year term. Cary E. Pollack and Judah Neuman negotiated this transaction.

Charles Cotsalas, senior vice president/senior director of NorthMarq's Long Island office and Robert Delitsky, senior vice president/managing director of NorthMarq's New York City office collaborated to arrange a $20 million ($660 psf) permanent-fixed financing for the 38,050 s/f medical office building located at 59-25 Little Neck Parkway in Little Neck, Queens. The transaction was financed by one of NorthMarq's Correspondent Life Insurance Companies, structured as a 20-year self-liquidating, fixed-rate loan at 3.95 percent with stepdown prepayment flexibility. The property was acquired by the porrower in 2010 and fully re-developed in 2018 as part of a lease with Northwell Health. The investment grade tenant, rated A- by S&P & A3 by Moody's, is the largest health system in New York.

Time Equities Inc. (TEI), announced that Stuart Bruck, Director of Mortgage Brokerage/Funding at TEI, led the company in the following transactions:

* $11,850,000 consisting of two loans encumbering three mixed-use properties in downtown Bridgeport, CT. The properties consist of 176 residential units and 98,000 s/f of retail space. The term of the loans is 10 years, with the interest rate fixed for the term. The lender was a local New York bank that is a portfolio lender.

* $8,250,000 on an office building located in downtown Roanoke, VA. The term of the mortgage is ten years, with interest-only payments based on a 3.68% interest rate. The collateral consists of a 136,000 s/f office building that was purchased by the borrower in 2017 for $6,350,000. The borrower repositioned and leased up the building and was able to take out equity with the new loan.

* A $6,880,000 loan on a retail center located in Oak Creek, WI (near Milwaukee). The center is anchored by TJ Maxx and HomeGoods, and consists of 95,000 s/f of retail space. The interest rate for the loan is fixed at 3.97% for the entire ten-year term. Payments under the loan are interest-only and the loan is non-recourse.

* A $23,000,000 loan closed on a retail center located in Seekonk, MA. The center is comprised of five one-story buildings situated on approximately 42.87 acres of land. The center is anchored by a large national warehouse-style retailer and there are a number of notable big box tenants. The interest rate for the loan was fixed at closing at 175 bps plus the 10-year swap rate. Interest-only payments are required for the 10-year term.

* A first mortgage in the amount of $5,450,000 closed recently, secured by a 5-story office building located in Independence, OH, near Cleveland. The property is 88% occupied. Payments under the loan are interest only for 10 years. The interest rate is fixed at 4.18% for the loan term.
COPYRIGHT 2019 Hagedorn Publishing
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2019 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Jul 31, 2019
Words:1282
Previous Article:Top 10 office leases of 2Q: Renewals dominate second quarter deals as Manhattan maintains position as business core.
Next Article:Fortis secures $87M for Boston project.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters