Director Jonathan Singer led the team for Eastern Union, executing a competitive two-year, full-term interest-only, $14 million construction loan with a floating rate of 4 percent over 30-day LIBOR with a floor of 4.5 percent. Financing was provided by Popular Community Bank.
The existing warehouse, one of the last remaining relics from Williamsburg’s manufacturing era, is a 53,700 square foot structure standing four stories high. Eser realty is converting it into 58 luxury rental units and adding an additional story with an elevator running the depth of the structure. The process is expected to span 12-18 months and cost a total of $26 million.
“This was a clean deal,” Singer said. “Construction usually gets trickier when you put a shovel in the ground, however because this isn’t ground up and the bones of the building are there, the loan process was much simpler.”
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 visitwww.easternuc.com
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