Finance: Real Estate

Real Estate Weekly, Oct 23, 2002

Merdian Capital Group LLC announced the following transactions:

Meridian Capital Group procured a new mortgage of $7.125 million on a 144 unit, 2 story garden apartment complex on Burnett Street in Brooklyn, NY. The loan featured a rate of 6.375% and a 7 year term. Charles Grussgott negotiated the transaction.

* Meridian placed a new mortgage of $5,662,500 on a 39 unit, 6 story building on West End Avenue in New York City. The loan featured a rate of 5.875% and a 7 year term. Avi Weinstock negotiated the transaction.

* A new mortgage of $2.75 million was arranged by Meridian on a 67 unit, 6 story elevator building on Albemarle Road in Brooklyn, NY. The loan featured a rate of 4.88% and a 10 year term. Avi Weinstock negotiated the transaction.

* A new mortgage of $2.7 million was placed by Meridian on a 54 unit, 5 story building on Thieriot Avenue in the Bronx. The loan featured a rate of 6% and a 7 year term. Jeffrey J. Weinberg & Saul Piller negotiated the transaction.

* Meridian negotiated a new mortgage in the amount of $2.55 million on a 84 unit, 6 story co-op building on Albemarle Road in Brooklyn, NY. The co-op is 31% sold and the loan featured a rate of 6.75% with a 12 year term. A 40 year amortization schedule was negotiated in order for the co-op to borrow new funds yet keep their existing debt service payments the same. Allan Lieberman negotiated this transaction.

* A new mortgage of $1 million was placed by Meridian on a 98 unit, 10 story retail building on East 76th Street in Manhattan. The loan featured a rate of 6.75% and a 10 year term. Michael Kesselman negotiated the transaction.

GCP Capital Group LLC announced the following transactions:

* A $1.33 million loan for a five-story, walk-up apartment building on E. 3rd St. in New York City;

* A $3.5 million loan for a six-story apartment. building on Cottage Ave. in Mount Vernon, N.Y.;

* A $1.75 million loan for a six-story apartment building on Fairmount Ave. in Jersey City, N.J.;

* A $2.205 million loan for two six-story apartment buildings on Seventh Ave. in New York City;

* A $3.3 million loan for a three-story commercial building on W. 125th St. in New York City;

* A $1.5 million loan for a one-story taxpayer on Kings Highway in Brooklyn, N.Y.;

* A $1.38 million loan for an eight-story commercial loft building on W. 25th St. in New York City;

* A $7.8 million loan for a 33,000 SF medical office building on Northern Boulevard in Great Neck, N.Y.;

Paul Greenbaum, Alan Perlmutter, Matthew Classi, Adam Hakim, and Adam Brostovski arranged the financing for these transactions.

M. Robert Goldman & Company, Inc. arranged a $3.3 million permanent loan for two office buildings on- Veterans Memorial Highway in Ronkonkoma, N.Y. The loan featured a 10-year term. Robert Gladitsch, vice president, arranged the financing for this transaction.