Eastern Union’s loan originator, David Brody, successfully secured $12 million for the refinancing of a 35,210-square-foot industrial building in Brooklyn’s Williamsburg neighborhood. The property is currently leased by the City of New York and has a loan-to-value ratio of 65%. The five-year term features interest-only payments at an interest rate of 6.54%, with no disclosure on the identities of either the owner or lender.
According to Eastern Union President Abe Bergman, Brody utilized his extensive real estate knowledge to negotiate a highly advantageous deal for his client. Despite having national reach, Eastern Union is renowned as one of Brooklyn’s top brokers for commercial real estate mortgages.
Originally constructed in 1931 on a spacious 1.04-acre lot between Franklin Street and Wythe Avenue, this property also boasts a sizable parking lot measuring approximately 10,000 square feet. This successful refinancing showcases Eastern Union’s expertise in securing favorable deals within Brooklyn’s thriving commercial real estate market.
