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Eastern Union Funding Arranges $18 Million Construction Loan for Long-Awaited Development Project in Brooklyn

Friday, May 22, 2015

Eastern Union Funding Arranges $18 Million Construction Loan for Long-Awaited Development Project in Brooklyn

BROOKLYN, NY – May 22, 2015: Eastern Union Funding arranged lift-off for a Williamsburg construction project long in the making. The trusted real estate debt brokerage arranged an $18 million construction loan for the project, which broke ground in 2008 before construction was halted by the recession.

Eastern Union Director Jonathan Singer arranged a two-year $18 million construction loan with Investors Bank, a lender which is rapidly becoming a household name within the industry’s multifamily banking sector. 

The project is located at 150 North 12th street and owned by Elrob Realty, which is retaining architect Michael Muroff for the project. Eastern Union’s client has owned the property for over 40 years and is planning a seven-story final product that will house 54 luxury units upon completion.

“The design is very much in tune with the local market, and, together with Investors Bank, we’re excited to get this project up and running again,” Singer said.


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. Eastern Union’s sophisticated and reliable debt solutions are built on a foundation of trust, and complemented by a one-of-a-kind equity division. As per Crain's New York, Eastern Union is one of the top 50 fastest growing companies in NYC. Other accolades, also based on growth, came from Inc. 5000, real estate forum, Observer Media and more. Closing an average of $3 billion in annual transaction volume nationwide, Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more on the country’s most trusted debt brokerage visit www.easternuc.com

 

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