Brooklyn, NY Michael Volpe, director of finance for Highcap Group has arranged three financing transactions totaling $9.85 million. The mortgages include:
• 198 St. Nicholas Ave. – Construction financing for a six-unit residential building for $3 million. The loan is interest-only at 2% over prime for 24 months.
• 5015 4th Ave. – Refinance of an eight-unit apartment building for $850,000. The loan has an interest rate fixed at 4% for five years based on 30-year schedule.
• 340 Metropolitan Ave. – Construction financing for a 10-unit condo development, plus retail for $6 million. The loan is interest only at 2% over prime for 30 months.