Eastern Union Secures $12 Million to Refinance 35,210-Square-Foot Industrial Building in Williamsburg, Brooklyn

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Jul 16, 2024, 08:34 ET

NEW YORK, July 16, 2024 /PRNewswire/ -- David Brody, a loan originator with Eastern Union, has arranged $12 million toward the refinancing of a one-story, 35,210-square-foot industrial building in the Williamsburg section of Brooklyn.

Eastern Union, based in New York, is one of America's largest providers of commercial mortgage brokerage and capital markets advisory services.

Eastern Union arranged $12 million toward the refinancing of this one-story, 35,210-square-foot industrial building in the Williamsburg section of Brooklyn. The property, between Franklin Street and Wythe Avenue, includes a 10,000-square-foot parking lot and is currently net-leased by the City of New York. The transaction was managed by loan originator David Brody.

Abe Bergman is president and co-founder of New York-based Eastern Union, one of America's largest providers of commercial mortgage brokerage and capital markets advisory services. Eastern Union secures financing for transactions of all sizes across the United States.

The property includes warehouse space, office space, and a parking garage.

"Eastern Union delivered competitive interest rates on this refinancing," said Mr. Brody. "The owner reaped good proceeds on a cash-out transaction."

"David Brody leveraged his real estate expertise to deliver a deal structure that was highly favorable for his client," said Abe Bergman, president of Eastern Union. "While we have national reach, Eastern Union also has an excellent reputation as one of the most prolific brokers of commercial real estate mortgages throughout Brooklyn."

The refinancing carried a 65-percent loan-to-value ratio. The loan's term was five years, with interest-only payments over the full term. The interest rate was set at 6.54 percent. The identities of neither the owner nor the lender were disclosed.

The property, built in 1931, occupies a 1.04-acre parcel between Franklin Street and Wythe Avenue. It includes a 10,000-square-foot parking lot and is currently net-leased by the City of New York.

About Eastern Union

Founded in 2001, Eastern Union is a national commercial real estate firm that provides both financing services and capital markets advisory services. It employs more than 90 real estate professionals and closes billions of dollars' worth of transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.

Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, manufactured home properties, single-family rentals, investment sales, and -- handled in conjunction with company affiliate Eastern Equity Advisors -- equity placement.

For more information, visit www.easternunion.com.

Media contact:

Steve Vitoff
Eastern Union
516 652 0785
[email protected]

SOURCE Eastern Union