Real estate: Finance

Real Estate Weekly, May 21, 2003

Meridian Capital Group LLC announced the following transactions:

* Meridian Capital arranged a mortgage modification of $10,302,000 on a 21 unit, 5 story mixed-use multi-family/office/retail building on Pearl & Water Street in Manhattan's Financial District. The loan features a rate of 5.625% and an 8-year term. Allan Lieberman negotiated the transaction.

* A new mortgage of $5 million was placed by Meridian on 65 apts. & 7 commercial units in (2) 6-story apt. buildings on Sherwood Terrace in Yonkers, NY. The loan featured a rate of 4.64%, interest only and a 10 year term. Avi Weinstock negotiated the transaction.

* A new mortgage of $4 million was arranged by Meridian on a 182 unit, 2 story multi-family complex located along Ocean Parkway in Brooklyn, NY. The loan featured a step-up rate starting at 4.5% for a 10-year term. Allan Lieberman negotiated the transaction.

* Meridian arranged financing of $3.925 million on an 88 unit, 6 story apt. building on 80th Street in Brooklyn, NY. The loan featured a rate of 4.61% and a 7 year term. Avi Weinstock and Josh Rhine negotiated the transaction.

* Meridian placed a new mortgage for $3 million on a 40,000 sq. ft. office building on Academy Street in Newark, NJ. The property will benefit from a rate of 6.25%, with a 10 year term. Morris Diamant handled this transaction.

* A new mortgage of $2.04 million was placed by Meridian on (3) 4 story apt. buildings totaling 48 units on 168th Street in Flushing, NY. The loan featured a rate of 4.38% and a 7 year term. Avi Weinstock negotiated the transaction.

GCP Capital Group LLC announced the following transactions:

* A $25.82 million loan for nine apartment buildings in New York City;

* A $4 million loan for a five-story, 57,000 SF mixed-use building on Jay St. in Brooklyn, N.Y.;

* A $3.3 million loan for a six-story apartment building on W. 175th St. in New York City;

* A $3.2 million loan for a six-story apartment building on W. 173rd St. in New York City;

* A $3.2 million loan for a six-story apartment building on W. 162nd St. in New York City.

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

BRT Realty Trust arranged a $5.2 million loan for 25 unsold condominium units on E. 80th St. in New York City. The loan featured a one-year term.