BROOKLYN, NY – December 22, 2014: Eastern Union Funding, one of the fastest growing commercial real estate brokerages serving the national sector, orchestrated a development project planned for 102 West End Avenue.
An entity operating as 102 West End Partners, LLC, is heading construction of the seven story building, which will house 51 units in Brooklyn’s Manhattan Beach neighborhood. The building will consist of 48 luxury housing units, three commercial spaces, as well as 76 parking spaces.
Costs for the development site and construction combined are estimated at $26 million. Cushioning these costs was Eastern Union Funding’s Jeff Seidenfeld, who negotiated a 30 month loan with a floating rate of .25 percent over prime, with a floor of 4.5. Financing was provided by Valley National Bank.
Seidenfeld’s client pinpointed Manhattan Beach as one of the more prestigious neighborhoods in the borough, one which is widely known in the real estate world for the head-turning price tags on single family homes. With panoramic views from all units, 102 West End is complemented by its location directly on the ocean, its proximity to Sheepshead Bay transit, and amenities including balconies on all units, 10 foot ceilings and a doorman.
“It’s a credit to a strong borrower and a robust construction market that this deal was able to close so smoothly,” Seidenfeld said. “We were able to translate the client’s vision to a very receptive lender, who, like the client, understands that construction is one of the biggest commodities on the market, and all parties came together to get this thing off the ground.”
“Today’s brokers need to understand the trajectory of the construction market in order to meet the tidal wave of demand in this arena,” added Ira Zlotowitz, president of Eastern Union Funding. “Thanks, in part, to his capacity to structure sophisticated loans and sheer tenacity, Jeff is one of those best-in-class brokers.”
About Eastern Union Funding: Founded in 2001, Eastern Union Funding is a leading national commercial mortgage brokerage firm, employing over 100 real estate professionals who, using their extensive knowledge of the market, share lender and market data and utilize state-of-the-art proprietary technology to capitalize on deep relationships with more than 85 local and national lenders. Eastern Union’s real estate professionals bring clients the very best rates and terms the market has to offer, acting as trusted advisors who operate on the simple premise that client needs come first. Eastern Union’s arsenal of lending sources enables the company to arrange financing for complex, multi-state, multi-site portfolios, as well as loans for smaller, single-property transactions. The company consistently places an average of a quarter of a billion in new loans every month. Eastern Union, which operates nationwide, is headquartered in New York, with offices in New Jersey and Maryland. For more information, please visit: http://www.easternuc.com/.
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