Eastern Union Funding, a full service commercial real estate company, announced that it had arranged approximately $70 million in financing for commercial real estate properties in Brooklyn, New York. For almost every property type, there's a bank today," said Ira Zlotowitz, president of Eastern Union Funding.
Select transactions include:
• $20 million to refinance a mixed-use property in Brooklyn, on a seven-year term at 3.75% and 30-year amortization.
• $19 million to refinance a four-building multifamily portfolio in Brooklyn on a 5+5-year term, starting at 3.25%, and 30-year amortization.
• $6.3 million to refinance a 24-unit multi-family property on Goodwin Street in Brooklyn, on a 10-year term at 4% and 30-year amortization.
"Pre-2008 we were doing a lot of condos, and land prices were elevated and the cost of construction to build them was high," said Abraham Bergman, a managing partner and co-founder at Eastern Union Funding, in a New York Times article. "But when you look at a new project today, the land has been recently purchased and it is being viewed in today's dollars so it makes a lot more sense."
For more news and information visit Blumberg Capital Partners.
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