Eastern Union, a commercial mortgage brokerage firm, recently facilitated the refinancing of a construction loan for a mixed-use building in Brooklyn’s Flatbush neighborhood. The $24 million loan was secured by Eastern Union’s senior managing director Motti Blau and senior loan consultant Mendy Pfeifer, with underwriting support from Dov Bakon.
The non-recourse loan has a yield maintenance clause and covers the full term on an interest-only basis for five years. It also carries a 65% loan-to-value ratio; however, the interest rate remains undisclosed.
Located at 2508 Foster Ave., this seven-story property was completed earlier this year. Two years ago, Eastern Union helped secure a $17.5 million construction loan for the project. With this recent refinancing deal, the borrower was able to cash out with an additional $6.5 million in proceeds.
The building consists of 55 residential units and two retail units that are supported by New York City’s CityFHEPS program – which provides rental assistance to individuals and families in need of housing stability.
