New York, NY GCP Capital Group LLC, one of the nation’s most active companies specializing in commercial real estate finance, has arranged mortgage financing totaling of $102.125 million for the following 11 properties:
New York, NY The Community Preservation Corp. (CPC), a leading nonprofit affordable housing and community revitalization finance company, has launched CPC Mortgage Company LLC, a subsidiary created solely to focus on the company’s rapidly growing agency lending business. CPC Mortgage Company was introduced at a reception on February 11th during the Mortgage Bankers Association’s Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2019 (CREF19) in San Diego, California.
Brooklyn, NY CUR Funding LLC, the lending arm of City Urban Realty through an affiliate entity, has funded a $6 million bridge loan secured by a portfolio of mixed-use buildings in Fort Greene and Clinton Hill.
Brooklyn, NY Holliday Fenoglio Fowler, L.P. (HFF) has secured $165 million in financing for the development of One Boerum Place, a 21-story, mixed-use condominium development.
Manhattan, NY JLL Capital Markets has arranged a $95 million loan for the acquisition and repositioning of three office buildings — 580 Eighth Ave., 251 West 39th St. and 36 East 20th St. — for East End Capital and a private family office, and also arranged the partnership of the two firms. The loan was provided by LoanCore Capital. Aaron Appel, vice chairman; Jonathan Schwartz, managing director; Mark Fisher, executive vice president; Matt Collins, associate; Patrick Cotter, analyst, led the JLL Capital Markets team handling the debt assignment. The property owner was represented by Doug Heitner, Sara Ho and Isaac Stern at Kasowitz Benson Torres LLP.
New York, NY Arbor Realty Trust, Inc. has funded two loans totaling $4.8 million in the New York City area. The first loan was for 401 E. 136th St., Bronx. This nine-unit multifamily property received $1.8 million in refinance funding through the Freddie Mac SBL program. The deal provides a five-year hybrid term and a 30-year amortization schedule. Ari Short of Arbor’s New York City office originated the loan.
Brooklyn, NY Holliday Fenoglio Fowler, L.P. (HFF) has completed $32 million in financing for Caesura, a newly completed, 123-unit residential building with ground-floor retail in the borough’s Cultural District. The HFF team worked on behalf of the borrower, Jonathan Rose Companies, LLC, to place the 10-year, fixed-rate loan with Allegiant Real Estate Capital LP. Loan proceeds were used to replace the existing construction loan.
New York, NY GCP Capital Group LLC has arranged mortgage financing totaling $67.94 million for the following nine deals:
• $20.3 million for a five-story mixed-use building containing 60 apartments and 4,550 s/f of commercial space in the East Village section of Manhattan. Paul Greenbaum, managing member of GCP, arranged the financing. • $12.5 million for three five-story multifamily apartment buildings containing 36 units and 5,200 s/f of commercial space on West 42nd St. in Manhattan. Adam Brostovski, principal of GCP, arranged the financing.
New York, NY According to Edward Howe III, managing director of National Cooperative Bank (NCB), the bank has originated over $54 million in new loans for 23 N.Y. area housing cooperatives.
Mindy Goldstein, senior VP, originated $26.8 million, including the largest loan of the month, a $5.5 million first mortgage and $500,000 line of credit for Tudor Woods, Inc., a 148-unit co-op at 76-98 DeHaven Dr., Yonkers. Other financings included:
Bronx, NY KeyBank Community Development Lending and Investment (CDLI) closed $24.5 million in total financing for the Gilbane Development Company’s acquisition and renovation of two New York City Housing Authority (NYCHA) properties, Highbridge Franklin and Twin Parks West, to preserve 647 units of permanent affordable housing. Both properties are part of NYCHA’s plan to finance, renovate and manage 1,700 apartment units across 17 developments under its Permanent Affordability Commitment Together (PACT) program. PACT is New York City’s implementation of the federal Rental Assistance Demonstration (RAD) program.