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Net-Leased Williamsburg Industrial Lands $12M Refi
Loan originator David Brody with Eastern Union arranged $12 million toward the refinancing of a one-story, 35,210-square-foot industrial building in the Williamsburg section of Brooklyn. The property is currently net-leased by the City of New York.
The refinancing carried a 65% loan-to-value ratio. The loan’s term was five years, with interest-only payments over the full term. The interest rate was set at 6.54%. The identities of neither the owner nor the lender were disclosed.
“David Brody leveraged his real estate expertise to deliver a deal structure that was highly favorable for his client,” said Abe Bergman, president of Eastern Union. “While we have national reach, Eastern Union also has an excellent reputation as one of the most prolific brokers of commercial real estate mortgages throughout Brooklyn.”
Built in 1931, the property occupies a 1.04-acre parcel between Franklin Street and Wythe Avenue. It includes a 10,000-square-foot parking lot.
- ◦Financing
