Property “Flatbush Mixed-Use Property Refinanced by Eastern Union”

Property "Flatbush Mixed-Use Property Refinanced by Eastern Union"

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.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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