Eastern Union arranges $13M Loan for Bushwick Rental Building
Thursday, February 18, 2016
Reflecting regional banks’ hunger for well-located projects in up-and-coming markets, Eastern Union Funding announced it has arranged a $13.2 million construction loan for the development of Bushwick’s 949-963 Willoughby Ave.
Eastern Union Funding Director David Eisen placed the 24-month loan with Short Hills, N.J.-based Investors Bank on behalf of Willtrout Realty LLC, which is combining six lots of land to develop the five-story, 63-unit residential elevator apartment building.
“Investors Bank has a very good pulse on the market and recognizes Bushwick’s rapid gentrification, especially as residents priced out of Williamsburg and Greenpoint seek more affordable places to live, and mixed-use redevelopment projects are taking place,”
Eastern Union closes an average of $3 billion annually, with a market share far outpacing the industry. Working with over 85 lenders, the firm closes loans on multifamily, mixed-use, medical, single-tenant properties and properties in every category.
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 by Crain'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 caps its fees at $135k and 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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