Eastern Union Funding closed a deal for the development of three townhouses, seven condominium units and a fully automated 45-car garage in the Park Slope neighborhood of Brooklyn.
Located at 346 13th Street, the development site traded on December 3.
Eastern’s Marc Tropp, Shai Romirowsky and David Singer negotiated the $15,370,000 acquisition and construction loan covering 70 percent of the project costs.
It carries a floating rate of 3.75 percent over LIBOR, with a floor of 4.75 percent on a 30-month term. Financing was provided by the United States arm of an Israel-based lender, Bank Leumi.
The project sponsor, American Development Group CEO Perry Finkleman, is actively expanding a portfolio that includes successful buildings, renovations, office space marketing and over 6000 luxury and affordable residential units.
The company’s technology, Automotion Parking Systems, modernizes the parking business in a major way by combining elevator methods with sophisticated laser and computer technology for a fully automated experience. Using an automated solution to parking has helped ADG, and other real estate developers and operators around the city, maximize their space.
It is also propelling a powerful brand servicing high-end luxury condos and the general public.
The combined financing for a car garage and residential construction project required a unique financing solution.
“The cutting edge parking system is definitely the wave of the future — but because it’s unconventional, it also created complexity when we arranged this deal,” Romirowsky said.
“We were able to deliver, thanks to a sophisticated loan structure, and thanks to a promising vision from a client with 30 years in real estate behind him.”
“Developing another project in Park Slope, a neighborhood with tremendous growth, brings to life our company’s commitment to building unique space that allow the buyer to not only own an apartment, but to build a home for their own future,” says Perry Finkelman, CEO of American Development Group.