BROOKLYN, NY – March 31, 2015: Eastern Union Funding, the country’s most trusted real estate debt broker, arranged a $19.5 million acquisition loan on behalf of a buyer operating as 270 Meserole Street LLC.
To facilitate this transaction, Eastern Union’s Jeff Seidenfeld negotiated a $19.5 million five year loan. Financing was arranged with Investors Bank.
“This asset is unique and there’s a huge amount of excitement surrounding the project locally,” Seidenfeld said. “The property is positioned to perform very well, and we worked out the appropriate financing solution based on its strength.”
Eastern Union’s client purchased a haven for musical talent located at 260-272 Meserole Street in Brooklyn. All in, the five stories, 64,000 square foot musical factory houses a recording studio, a concert hall –slated to open imminently – pub, and office space on the upper floors.
On a local level, the property is divided into three well-known venues.
“The Wick,” which operates on the ground floor, is an indoor performance space with a large stage, full bar and space for an audience of over 400; “The Well,” an eclectic indoor/outdoor pub; and the “Sweatshop,” a nest of recording studios which local musicians can rent out for a highly competitive hourly wage. The Wick is completed and scheduled to open by summer 2015.
Founded in 2001, Eastern Union Funding is the country’s most trusted debt brokerage and one of the fastest-growing mortgage companies. One of the top 10 non-direct-lender financial intermediaries on Mortgage Bankers Association’s annual survey, the company’s reliable debt solutions have also prompted accolades from Crain’s New York, Inc. Magazine, Real Estate Forum 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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