Eastern Union Funding Arranges $21 Million Refi Construction Takeout In Brooklyn, NY

A 42-unit luxury building located in North Williamsburg, Brooklyn, which completed construction in April 2014, has undergone a $21 million construction takeout. The owner, Isaac Schwartz, who originally purchased the prime piece of land ten years ago, began development in March 2013.

The building, located on North 12th Street in Brooklyn overlooking McCarren Park, was fully leased and occupied within just five weeks of obtaining final C of O. Amenities include a gym, lounge and full-service doorman.

David Eisen, Vice President of Eastern Union Funding, one of the largest commercial mortgage brokerage firms in the US, was able to secure a long term fixed rate loan in the low three percent, replacing the existing floating rate construction loan on this project which was over 5% prior to this takeout.

“David was very dedicated and successful,” Schwartz said. “What sets him apart is his understanding of what makes a lender tick. He routinely closes deals with lenders, who may not offer said loan products, but because he’s consistently bringing them the best deals out there, their vision of value lines up with his.”

Never one to turn his nose at a hairier deal, Eisen recently closed a $17 million bridge loan on a vacant building in NYC, as well as a non-recourse $2.4 million IMD status multifamily in Bushwick and $4 million non-recourse loan on an eight-unit walkup in Park Slope.

“Because of the strength of the area and the market, we got the bank to agree to underwrite and commit the deal prior to full stabilization,” Eisen said. “The project is in a peak location of a market that recently went through a strong and positive transformation.”

 About Eastern Union Funding: Founded in 2001, Eastern Union Funding is a leading national commercial mortgage brokerage firm, employing over 100 real estate professionals who, using their extensive knowledge of the market, share lender and market data and utilize state-of-the-art proprietary technology to capitalize on deep relationships with more than 85 local and national lenders. Eastern Union’s real estate professionals bring clients the very best rates and terms the market has to offer, acting as trusted advisors who operate on the simple premise that client needs come first. Eastern Union’s arsenal of lending sources enables the company to arrange financing for complex, multi-state, multi-site portfolios, as well as loans for smaller, single-property transactions. The company consistently places an average of a quarter of a billion in new loans every month. Eastern Union, which operates nationwide, is headquartered in New York, with offices in New Jersey and Maryland. For more information, please visit:http://www.easternuc.com/.

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Comment by Rajendrakumar rara k on September 5, 2014 at 4:36am

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