Financial Digest

McCormick and Dzbanek of Ariel Property Advisors negotiate $6.5 million loan for four Brooklyn properties

Brooklyn, NY Ariel Property Advisors’ Capital Services Division has arranged a $6.5 million loan for four properties located in Bedford-Stuyvesant. The division arranged a five-year, 75% loan-to-value (LTV) cash-out refinance loan at a fixed rate of 4%. This allowed the borrower to pay off four existing loans and get additional capital for future investments. Led by Ariel’s Paul McCormick, senior vice president of investment sales and capital services, and Matt Dzbanek, director of capital services, the non-recourse mortgage’s favorable terms were negotiated to meet the needs of the client and their fund.

Boruchov and Betesh of Meridian Capital negotiate $22 million refinance

Queens, NY Meridian Capital Group has negotiated $22 million in financing for the refinance of two retail properties in NYC and Forest Hills...

Kennedy Funding closes $2 million loan for LZBC

Brooklyn, NY A property that sat empty for a decade in one of New York City’s hottest neighborhoods will now become housing. Kenned...

Chugh of Maverick Capital arranges $155 million construction loan for development of 611 West 56th Street

Manhattan, NY Sumaida + Khurana and LENY have closed on a $155 million construction loan for the development of 611 West 56th St., the highly anticipated residential development designed by Pritzker Prize-winning Portuguese architect Álvaro Siza. 611 West 56th St. signifies Siza’s first building in the United States and is being co-developed by Sumaida + Khurana and LENY.

O’Brien joins Arbor as senior vice president, agency production

New York, NY Arbor Realty Trust, Inc. has appointed Bill O’Brien as senior vice president, agency production.

GCP Capital Group arranges six mortgages totaling $52.976 million

New York, NY GCP Capital Group LLC has arranged mortgage financing totaling $52.976 million for the following six deals:

Ray, Hirt, Buchwald and Matheny of Mission Capital structure $23 million joint venture equity investment

Brooklyn, NY According to Largo and Mission Capital Advisors, Mission Capital’s Debt and Equity Finance Group has structured a joint venture between Largo and First Atlantic Real Estate for the $25 million acquisition of 215 North 10th St., an 18,000 s/f corner development site in the North Williamsburg section.

Smith of Capital One originates $175 million loan for BlackRock and L&L joint venture

Manhattan, NY Capital One has provided a $175 million loan to a joint venture between a BlackRock Real Assets fund and L&L Holding Co. t...

NCB originates $84 million for 17 housing co-ops

New York, NY National Cooperative Bank (NCB) has originated $84 million in new loans during April for 17 N.Y. area housing co-ops, according to Edward Howe III, managing director. 

GCP Capital Group arranges 10 mortgages totaling $85.6 million

New York, NY GCP Capital Group LLC has arranged mortgage financing totaling $85.68 million for the following 10 deals: