Eastern Union Funding closes $18.75m construction loan in Manhattan Beach
BROOKLYN, NY — Eastern Union Funding orchestrated a development project planned for 102 West End Ave. An entity operating as 102 West End Partners, LLC, is heading construction of the seven story building, which will house 51 units in Brooklyn’s Manhattan Beach neighborhood. The building will consist of 48 luxury housing units, three commercial spaces.
Costs for the development site and construction combined are estimated at $26 million. Cushioning these costs was Eastern Union Funding’s Jeff Seidenfeld, who negotiated a 30 month loan with a floating rate of .25 over prime, with a floor of 4.5. Financing was provided by Valley National Bank.
"It’s a credit to a strong borrower and a robust construction market that this deal was able to close so smoothly," Seidenfeld said. "We were able to translate the client’s vision to a very receptive lender, who, like the client, understands that construction is one of the biggest commodities on the market, and all parties came together to get this thing off the ground."
"Today’s brokers need to understand the trajectory of the construction market in order to meet the tidal wave of demand in this arena," said Ira Zlotowitz, president of Eastern Union Funding. "Thanks, in part, to his capacity to structure sophisticated loans and sheer tenacity, Jeff is one of those best-in-class brokers."
In a separate transaction, Eastern Union Funding closed a deal for the development of three townhouses, seven condominium units and a fully automated 45-car garage in the Park Slope neighborhood of Brooklyn.
Located at 346 13th St., the development site traded on December 3rd. Eastern’s Marc Tropp, Shai Romirowsky and David Singer negotiated the $15.37 million acquisition and construction loan covering 70 of the project costs. It carries a floating rate of 3.75 over LIBOR, with a floor of 4.75 on a 30-month term. Financing was provided by the United States arm of an Israel-based lender, Bank Leumi.
The project sponsor, American Development Group CEO Perry Finkleman, is actively expanding a portfolio that includes successful buildings, renovations, office space marketing and over 6,000 luxury and affordable residential units.