Eastern Union Funding arranged lift-off for a Williamsburg construction project long in the making.
The real estate debt brokerage arranged an $18 million construction loan for the project, which broke ground in 2008 before construction was halted by the recession.
Eastern Union director Jonathan Singer arranged a two-year $18 million construction loan with Investors Bank, a lender which is becoming a household name within the industry’s multifamily banking sector.
The project is located at 150 North 12th street and owned by Elrob Realty, which is retaining architect Michael Muroff for the project. Eastern Union’s client has owned the property for over 40 years and is planning a seven-story final product that will house 54 luxury units upon completion.
“The design is very much in tune with the local market, and, together with Investors Bank, we’re excited to get this project up and running again,” Singer said
Architect Michael Muroff has designed the new building.