Financial Digest

Cole Schotz advises G4 Capital in $94 million loan to HAP Investments

Manhattan, NY Cole Schotz P.C. has advised G4 Capital Partners on a $94 million loan to HAP Investments for construction of a 41-unit condominium in TriBeCa. The 19-story complex will be located at 65 Franklin St., which is currently home to a five-story building set for demolition.

Moreno of CPC arranges $6 million Fannie Mae Multifamily loan

Manhattan, NY The Community Preservation Corp. (CPC), Project FIND, the Joint Ownership Entity New York City (JOE NYC), and the NYC Department of Housing Preservation and Development (HPD) have closed on a $6 million Fannie Mae Multifamily Affordable Housing (MAH) loan

GCP Capital Group arranges nine mortgages totaling $105.938 million

New York, NY GCP Capital Group LLC has arranged mortgage financing totaling $105.938 million for the following nine deals:  $34 million for a 32-story multifamily apartment building containing 250 units in Kew Gardens, Queens.  Alan Perlmutter, managing member of GCP, arranged the financing.

AVANA Capital provides $65 million construction
loan for 168-room AC Marriott hotel in Chelsea

Manhattan, NY AVANA Capital closed a $65 million construction loan to 842 Enterprises, Inc., providing funding to develop modular construction of the AC Marriott hotel located in Chelsea.

Zegen of MRC closes $27 million first mortgage

Brooklyn, NY Madison Realty Capital (MRC) has closed a $27 million first mortgage loan for the development of a 68-unit mixed-use residential building located at 93 Linden St. and the rehabilitation of an adjacent two-story community facility at 395 Evergreen Ave. in the Bushwick neighborhood.

Peck and Knapp of HFF secure $97.1 million in financing for 111 Leroy, a PMG-developed condominium in the West Village

Manhattan, NY Holliday Fenoglio Fowler, L.P. (HFF) has secured $97.1 million in financing for 111 Leroy, a condominium development in the West Village. HFF worked on behalf of the developer, Property Markets Group (PMG), to arrange the two-year, floating-rate financing through Rialto Capital Management.

GCP Capital Group arranges 10 mortgages totaling $87.125 million

New York, NY GCP Capital Group LLC has arranged mortgage financing totaling $87.125 million for the following 10 deals: $11 million for a six-story multifamily apartment building containing 57 units and 3,300 s/f of commercial space on West 175th St. in Manhattan.  Paul Greenbaum, managing member of GCP, arranged the financing.

Khan joins Procida’s asset management team

New York, NY Omar Khan has joined Procida Funding and Advisors on the asset management team. What makes this a historic hire for Procida is that it was Khan's grandfather, Abdul Qayum, who catapulted the then 19-year-old, Billy Procida's career by investing $400,000 (net present value close to $4 million) in 1982.

The Kaufman Org. refinances Madsion Square portfolio for $120 million; First mortgage loan provided by Capital One

Manhattan, NY The Kaufman Organization (Kaufman) thas landed a $120 million refinancing loan for its Madison Sq. portfolio, which is comprised of four properties in the Flatiron and NoMad neighborhoods of Midtown South. The Kaufman team was led by Michael Kazmierski

CPC Mortgage closes $9.6 million FHA loan for two East Harlem multifamilies

Manhattan, NY CPC Mortgage Co. LLC, a subsidiary of the Community Preservation Corp. (CPC), has closed a $9.6 million Federal Housing Administration (FHA) loan to refinance two rent stabilized, multifamily properties in the East Harlem community.