Hirshmark Capital closes $12 million in transactions

New York, NY Hirshmark Capital LLC has originated several recent loans as well as the acquisition of several “non performing loans” totaling over $12 million, making the first quarter of 2016 one of the firm’s best. A $3.2 million bridge loan secured by secured by two mixed-use properties in Prospect Heights and one retail strip in East Flatbush, Brooklyn. The Prospect Heights properties are all three-stories, with one vacant. The East Flatbush retail strip consists of five stores, situated at a major intersection. In total, the loan is secured by roughly 13,000 s/f of real estate; 9,000 s/f of commercial space and 4,000 s/f of residential between four apartments. This transaction was negotiated by Jacob Gauptman.

• A $1.5 million bridge loan secured by a 5,849 s/f, four-story building, containing four residential units and three commercial units in Williamsburg. This transaction was negotiated by Michael Fuller.
• A $1.05 million bridge loan secured by a 11,000 s/f, one-story building, with one commercial unit, in Jamaica, Queens and 2,200 s/f, two story building containing two residential units in the Woodhaven neighborhood of Queens. This transaction was negotiated by Hirshmark Capital Managing Director Igor Vaysberg.
• A  $875,000 bridge loan secured by three properties in Fort Greene and Prospect Heights, Brooklyn. The 8,000 s/f properties are a mix of residential and commercial units. This transaction was negotiated by Michael Fuller.
• A $500,000 bridge loan secured by a 3,800 s/f, three-story building, with seven residential units in  East Harlem. This transaction was negotiated by Hirshmark Capital Managing Director Igor Vaysberg.

Non-Performing Loans Purchases:

• A  loan with a current unpaid balance of approximately $2.6 million secured by a 9,390 s/f  six story brick building containing a community facility on the two bottom floors and four floor-through four bedroom apartments on floors three-six, in Kips Bay, Manhattan. This transaction was negotiated by Hirshmark Capital Principal Mark Levin.
• A loan with a current unpaid balance of approximately $1.1 million  secured by a 5,000 s/f, four story brick building containing 8 residential units in Long Island City, Queens. This transaction was negotiated by Hirshmark Capital’s Principal Mark Levin.
• A loan with a current unpaid balance of approximately $1 million secured by two 4 story brick buildings. Both buildings together contain a combined 12 apartments and 10,500 s/f in the Clinton Hill section of Brooklyn. This transaction was negotiated by Hirshmark Capital Principal Mark Levin.  
• A $850,000 construction loan, secured by two unfinished four-story buildings, in Clinton Hill, Brooklyn.  The properties consist of roughly 10,000 s/f and 12 apartments. The seller, a local lending institution, demanded a closing time-frame of one week, despite a number of stop work orders and numerous construction related violations filed against the property.

“This deal illustrates how adapt Hirshmark Capital is in purchasing non-performing loans in a time sensitive manner, all while being able to get comfortable with a host of legal and construction related issues surrounding the transaction,” said Hirshmark Capital Managing Director Igor Vaysberg who negotiated the transaction.