The two-year loan, featuring a floating rate of 5.5 percent, was provided by a regional balance sheet lender. The transaction was negotiated by Eastern Union Funding Managing Director Moshe Lipschitz, who is based out of the company’s New York City headquarters
The property, currently a vacant lot, is the future site of a six-story multifamily with 32 units containing an above-grade building area of over 31,000 square feet and interior parking for 16 vehicles.
“Development in Brooklyn continues to surge. The timing was right and our client seized on this opportunity—at a time when the demand for the space he’s envisioning is increasing dramatically,” Lipschitz said.
Founded in 2001, Eastern Union Funding is one of the country’s largest private commercial real estate mortgage brokerage companies serving the national commercial real estate sector. Eastern Union’s brokers, acting as trusted advisors, operate on the simple premise of putting the clients’ needs first. It has an arsenal of lending sources for financing complex, multi-state, multi-site portfolios as well as loans for smaller, single-property transactions which allow for consistent placement averaging 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/.