F inancial D igest F eaturing T he A ppraisal I nstitute
Mid Atlantic Real Estate Journal — September 13 - 26, 2013 — 11A For three medical office buildings Cronheim Mortgage arranges $13.865m
In financing for multifamily properties Meridian Capital Group negotiates $117.2 million
ew York, NY — Meridian Capi- tal Group, LLC an- nounced the following trans- actions: Meridian negotiated new mortgages totaling $12.05 million on four multifamily buildings totaling 183 units located on Carroll St., St. Paul’s Place, Union St. and Ocean Ave. in Brooklyn. The loans feature rates of 3.00% and terms of 10-years and 15- years. ChaimTessler and Avi Weinstock negotiated these transactions. Newmortgages totaling $40 million were placed by Merid- ian on two multifamily build- ings totaling 191 units located on Fifth Ave. and East 72nd St. in New York. The loans feature rates of 3.25% and 10- year terms. Rael Gervis and Josh Simpson negotiated this transaction. A new mortgage totaling $5.9 million was placed by Me- ridian on a 54-unit, six-story multifamily building located on 50th St. in Brooklyn. The loan features a rate of 3.00% and a 10-year term. Morris Diamant and Steven Ribiat negotiated this transaction. Meridian negotiated a new mortgage in the amount of $5.35 million on a 48-unit, six-story multifamily build- N Syracuse, NY — Sam Berns , senior vice president and managing director of NorthMarq’s Rochester regional office, and Greg Nalbandian , senior vice president and man- aging director of NorthMarq’s North Jersey regional office, co- operated to arrange acquisition financing of $4.27 million for a 33,360 s/f grocery/retail prop- erty located on Erie Blvd. in Syracuse. The property is fully leased to Price Rite. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the New Jer- sey based institutional sponsor through its relationship with a
15-year term. Joseph Taub and Daniel Blumenthal ne- gotiated these transactions. Meridian negotiated a new mortgage in the amount of $10 million on a 17-story, 117,000 s/f office building located on West 38th St. in New York, NY. The loan features a rate of 2.90% and a 10-year term. Diamant and Tzvi Krieger negotiated this transaction. A new mortgage of $10 million was placed by Meridian on a 94-unit, six-story multifamily building located on Montgom- ery St. in Brooklyn. The loan features a rate of 2.98% and a 10-year term. Diamant and Adam Newman negotiated this transaction. Meridian negotiated a new mortgage in the amount of $2.25 million on a 26-unit, six-story multifamily building located on Bainbridge Ave. in the Bronx. The loan features a rate of 3.00% and a 15-year term. Allan Lieberman and Asher Haft negotiated this transaction. Anewmortgage of $2 million was placed by Me- ridian on a 49-unit, six-story multifamily building located on Fort Washington Ave. in New York. The loan features a rate of 2.88% and a 10-year term. Lieberman and Haft ne- gotiated this transaction. n station, containing 3,883 s/f of retail space nicely located at 193 New Middletown Rd. The property is owned by existing borrower. The gas station is BP branded. Financing was based on a 15- year term and a 15-year amor- tization schedule. NorthMarq arranged this financing for the borrower through its relation- ship with a correspondent life company lender. “The lender ’s recognition of the borrower ’s financial strength and business acu- men allowed the borrower to refinance the subject property at very attractive rates and terms,” Kohlhoss said. n
ing located on Barclay Ave. in Queens. The loan features a rate of 3.25% and a 12-year term. Weinstock negotiated this transaction. A new mortgage $3 million was placed by Meridian on a 24-unit, four-story multifam- ily building located on Lincoln Place in Brooklyn. The loan features a rate of 3.00% and a 10-year term. Weinstock and Michael Farkovits negoti- ated this transaction. Meridian negotiated a new mortgage in the amount of $1.5 million on a 16-unit, four- story multifamily building located on Prospect Place in Brooklyn. The loan features a rate of 3.00% and a 12-year term. David Zlotnick and Sam Shifer negotiated this transaction. Meridian negotiated a new mortgage in the amount of $2.1 million on a 21-unit, five- story multifamily building located on West 179th St. in New York. The loan features a rate of 2.53% and a seven-year term. David Fisher negoti- ated this transaction. A new mortgage of $23 mil- lion was placed by Meridian on a 137-unit, six-story multifam- ily building located on Shore Road in Brooklyn. The loan features a rate of 3.00% and a “This acquisition loan closed within 35 days of application with a fixed rate of 3.50% for the entire 10 year term,” said Berns. Added Nalbandian, “Working throughmyRochester colleague’s correspondent bank, we were able to collaborate and provide my client with a true outlier financing structure at a very belowmarket interest rate and aggressive fixed prepay structure.” In Elwyn, PA, Matthew Kohlhoss , vice president of NorthMarq’s Washington, DC regional office arranged the refinance of existing First Trust of $1.2 million for a retail gas
31,505 s/f medical office building in Hamilton Township, New Jersey
NEW JERSEY — Janet Proscia and David Turley of Cronheim Mortgage ar- ranged mortgage financing totaling $13.865 million for three NJ medical office proper- ties. “Lenders like the supply/ demand characteristics of the NJ medical office market,” said Turley. “Medical practices have a low failure rate and build their business around a specif- ic location, which makes them sticky tenants. We capitalized on the asset class’s appeal to complete several medical office assignments.” Cronheim sourced a $3 mil- lion permanent loan for several owner-occupied medical office condos in Fair Lawn totaling about 12,200 s/f. Proscia noted that the borrower’s previous efforts to finance the property had failed due to property val- uation issues. “We were able to secure a bank willing to lean into a leveraged office condo loan. The financing allowed the borrower to cash out some of his value creation and unlock ENGLEWOOD CLIFFS, NJ — Procida Funding’s 100 Mile Mile Fund has made a $1.75 million bridge loan secured by a 38,186 s/f office building. The loan proceeds are being used to purchase property at a dis- count, renovate and lease up the property.
capital for his next deal.” Cronheim advised on an ac- quisition/renovation loan for a 12,600 s/f medical build- ing in downtown New Bruns- wick proximate to St. Peter’s Hospital. The building will be completely renovated to house a cancer center and support- ing medical offices. Cronheim worked with a regional bank to complete the financing. Turley said, “Strong sponsorship and an equity stake by St. Peter’s Hospital in the cancer center tenant helped overcome con- cerns around the high price/val- uation PSF and untested nature of the property’s anchors.” Cronheim secured a $7.4 million, 5-year permanent loan from a New Jersey bank for a 31,505 s/f medical office build- ing in Hamilton Twp. “This was a leverage-driven transaction,” said Proscia. “We secured an 80% LTV financing offer and were able to negotiate the rate when the appraised value supported a 74% LTV.” n “Procida provided the reli- able execution and flexibility required by the borrower,” said Kyle Funsch , principal of Procida Funding. “Our abil- ity to meet the needs of our borrower in a timely manner allows them to move fast and take advantage of the favor- able opportunity.” n
NorthMarq organizes $5.47million inmortgages for NY Price Rite and PA retail gas station regional bank.
Procida’s 100 Mile Fund provides $1.75 million bridge loan in NJ
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