Eastern Union’s loan originator, David Brody, successfully arranged a $12 million refinancing deal for a one-story industrial building in Brooklyn’s Williamsburg neighborhood. The property is currently leased by the City of New York and boasts 35,210 square feet.
With a loan-to-value ratio of 65%, the refinancing has a five-year term with interest-only payments throughout. The interest rate was locked in at 6.54%. While details about the owner and lender remain undisclosed, Eastern Union President Abe Bergman praised Brody for utilizing his real estate expertise to secure highly favorable terms for his client.
The property was built in 1931 on an expansive 1.04-acre lot between Franklin Street and Wythe Avenue. It also features a sizable parking lot spanning over 10,000 square feet.
