Eastern Union Funding has secured a $5.1 million acquisition loan on behalf of a Brooklyn-based investor to purchase 900 Grand Street, a 22,600 s/f mixed-use property in East Williamsburg.
The industrial property, which offers an additional 8,000 buildable square feet, currently comprises two ground-floor commercial/retail spaces totaling 15,000 s/f and residential loft rentals on the second floor.
Senior mortgage officer Alex Freund arranged the nine-year, fixed-rate loan at 3.375 percent with Suffolk County Bank.
“There was a great deal of interest in the property, given the borrower’s unique opportunity to redevelop the industrial building into the type of creative space driving tenant demand in the Williamsburg area,” said Freund.
“There is great short and long-term repositioning potential as the building’s short-term leases roll over.”
The brick-façade building features 12- to 17-foot ceiling heights, five drive-ins, and two elevators.