Eastern Union takes team approach to 110 Green St. financing

Real Estate Weekly,  March 14, 2007  

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Eastern Union Funding announced the successful closing for the financing of 110 Green Street located in the Greenpoint section of Brooklyn.

The total debt financed was $53,400,000 representing 83% of the total cost of the project and consisted of a first mortgage of $41,400,000 and mezzanine of $12,000,000. Bank of NY placed the first mortgage and Canyon Johnson was the mezzanine lender.

The deal had numerous challenges that needed to be overcome in order to successfully close the transaction. Some of the major challenges include the volatility of the condo market and the leverage needed.

The project is a proposed 130 unit luxury condominium building. The 130 condos will be comprised of 51 one-bedroom units, 73 two-bedroom units and six three-bedroom units, and range in size from 675 to 1,350 square feet. The units will feature panoramic views of Manhattan, private terraces and floor-to-ceiling glass windows. Plans for the project are fully approved and construction is set to start shortly. While condo sales have slowed the developers are confident that the project will be a success and included numerous high level upgrades to make the units desirable and attractive. In addition the property is located within close proximity to Manhattan, offering prospective buyers the benefits of Manhattan living at Brooklyn prices.

Eastern worked closely with the developers to help them plan and direct the project to ensure successful financing. Josh Drillick led the team at Eastern that handled this transaction.

Drillick said " I am proud to say that by using our team approach to work this deal we were able to pool the wide knowledge base at Eastern and take a deal faced with numerous challenges and overcome them with a successful close."

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning