News: Long Island

Classi of GCP Capital arranges three mortgages totaling $37.625 million

Matthew Classi, GCP

New York, NY GCP Capital Group LLC has arranged three mortgage financings totaling $37.625 million:

• $28, million for a three-story historic office building comprised of 141,000 s/f in Garden City.  Matthew Classi, managing member of GCP, arranged the financing.

• $5.3 million for a senior citizen garden apartment complex comprised of three buildings with a total of 54 units in Copiague. Classi arranged the financing.  

• $4.325 million for a single-story multi-tenanted, retail commercial building comprised of 22,400 s/f in Hicksville. Classi arranged the financing.   

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The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.