BROOKLYN, NY – July 24, 2015: Eastern Union Funding, a top 10 commercial real estate debt brokerage based in Brooklyn, arranged financing on behalf of A-1 Properties, which is developing a mixed-use property, with 5,700 square feet of retail space, on 802-806 Myrtle Avenue.
Eastern Union’s Senior Managing Director David Eisen, based in the firm’s Howell, NJ, location, lead the team for Eastern Union Funding, arranging a two-year $9.3 million construction loan with a floating rate of daily prime plus 125 basis points. Financing was negotiated with a regional balance sheet lender.
“Rental projects continue to flock to Bed-Stuy, and the neighborhood is well-poised to be the next Bushwick,” said David Eisen. “This project on Myrtle Avenue further confirms that trend, and it is also a testament of how attractive the retail climate has become.”
Construction at 802-806 Myrtle commenced two months ago, however Eastern Union is revealing exclusive renderings today. The nine story, 44-unit building, which includes a basement level, boasts a 70 foot wide ground floor retail façade. The residential units will have cantilevered balconies, and diagonal rows of windows vertically lined up on the building. The developer has tapped New York architect J. Frankl Associates, and estimates the project will be completed by fall 2016.
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 reported by Crain's New York, Eastern Union is one of the top 50 fastest growing companies in NYC. 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 commercial mortgage brokerage visit www.easternuc.com.
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