Developer receives $5.1M loan for 900 Grand Street in Williamsburg
Wednesday, April 6, 2016
Eastern Union Funding has secured a $5.1 million acquisition loan on behalf of a Brooklyn-based investor to purchase 900 Grand Street, a 22,600 s/f mixed-use property in East Williamsburg.
The industrial property, which offers an additional 8,000 buildable square feet, currently comprises two ground-floor commercial/retail spaces totaling 15,000 s/f and residential loft rentals on the second floor.
Senior mortgage officer Alex Freund arranged the nine-year, fixed-rate loan at 3.375 percent with Suffolk County Bank.
“There was a great deal of interest in the property, given the borrower’s unique opportunity to redevelop the industrial building into the type of creative space driving tenant demand in the Williamsburg area,” said Freund.
About Eastern Union Funding Founded in 2001, Eastern Union Funding is a top 10 commercial mortgage brokerage, according to Mortgage Bankers Association’s annual survey, and one of the top 50 fastest growing companies in NYC, as reported byCrain's New York Business the past two years straight. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union closes an average of $3 billion in annual transaction volume nationwide. The firm’s sophisticated debt solutions are complemented by a one-of-a-kind Equity Division. Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more on the country’s most trusted commercial mortgage brokerage, visit www.easternuc.com.
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