Hudson Companies Buys Bergen Gardens Resi Complex in Brooklyn for $50M
Wednesday, June 8, 2016
David Metzger and Nate Hyman of Eastern Union Funding negotiated a $35 million five-year loan from Customers Bank to fund the acquisition of the site. The debt carried a 65 percent loan-to-value ratio.
Developer Hudson Companies has purchased Bergen Gardens, a complex with six residential rental walk-up buildings, in the Bergen Beach section of Brooklyn fromThe Mattone Group and Gartenstein Properties for $50 million, Commercial Observer has learned.
The 167,850-square-foot rent-stabilized complex at 1054-1096 Bergen Avenuespans an entire block with frontage on East 73rd Street, Avenue K, Bergen Avenue and Ralph Avenue. The deal includes a parking lot on the same site, which has approved plans and permits from the New York City Board of Standards and Appeals for a proposed 5,162-square-foot retail building and on-site parking for 18 spaces, according to brokers from Cushman & Wakefield.
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 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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