Eastern Union Secured a $14.8 Million Construction Loan for Opal Holdings' New Mixed-Use Residential Development
Monday, February 22, 2016
Mixed-Use Development to Rise Across from Historic Beacon Theatre
Local developer Opal Holdings‘ new ground-up, mixed-use residential development is now underway as Eastern Union Funding has secured a $14.8 million non-recourse construction loan for the project. Planned to be built at 207 W. 75th St., the development will be across the street from the historic Beacon Theatre and reside between the bustling retail corridors of Broadway and Amsterdam Avenues.
Eastern Union Senior Vice President Jake Gluck and Senior Managing Director Jonathan Singer arranged the loan, which is one of many the company has closed in recent years on behalf of Opal Holdings.
Opal Holdings purchased the building in January 2015 for $13.25 million, with an $8.5 million mortgage, the New York Post reported. The seller, Felipe Coello of The Philippe at W 75th St NY LLC, had plans to convert the building into a ‘sliver’ tower containing 14 stories, but after much resistance from locals, the plans fell through, the West Side Rag reported.
The current site is two stories high and totals 5,025 square feet, which will be transformed into a new development totaling about 20,000 square feet and reaching seven stories in height, with Jeffrey Cole Architects set to design the building. Upon completion, the property will consist of 5,000 square feet of ground-level and lower-level retail, as well as full-floor luxury units (including a five-bedroom duplex penthouse). The modern building exterior and unit interiors are influenced by pre-war buildings with high-end amenities and trim.
“Demand for Upper West Side condominiums is considerable, and it’s becoming increasingly difficult for developers to find well-located parcels to build new product,” Gluck said. “As a result, interest in this construction loan was significant and we closed with a lender that has been actively trying to expand into this market.”
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, and one of the top 50 fastest growing companies in NYC, as reported by Crain's New York Business the past two years straight. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union caps its fees at $135k and closes an average of $3 billion in annual transaction volume nationwide. The firm’s sophisticated debt solutions are complemented by a one-of-a-kind Equity Division. 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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