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Eastern Union Arranges Refi on Flatbush Mixed-Use
Commercial mortgage brokerage Eastern Union arranged the $24-million refinancing of a construction loan in support of a 57-unit, mixed-use building in Brooklyn’s Flatbush neighborhood. The mortgage was secured by Eastern Union senior managing director Motti Blau and senior loan consultant Mendy Pfeifer. Dov Bakon served as underwriter for the transaction.
The non-recourse loan, which carried a yield maintenance clause, covers a five-year period on an interest-only basis for its full term and carries a 65% loan-to-value ratio. The interest rate was not disclosed.
The seven-story property, which completed construction earlier this year, is located at 2508 Foster Ave. Two years ago, the Eastern Union team had delivered a $17.5-million construction loan for the project. The refinancing enabled the borrower to cash out with $6.5 million in proceeds.
The site encompasses 55 residential units and two retail units. Tenants receive support from the City of New York’s CityFHEPS program, a rental assistance supplement that helps individuals and families find and keep housing.
- ◦Financing
