Reflecting regional banks’ hunger for well-located projects in up-and-coming markets, Eastern Union Funding announced it has arranged a $13.2 million construction loan for the development of Bushwick’s 949-963 Willoughby Ave.
Eastern Union Funding Director David Eisen placed the 24-month loan with Short Hills, N.J.-based Investors Bank on behalf of Willtrout Realty LLC, which is combining six lots of land to develop the five-story, 63-unit residential elevator apartment building.
“Investors Bank has a very good pulse on the market and recognizes Bushwick’s rapid gentrification, especially as residents priced out of Williamsburg and Greenpoint seek more affordable places to live, and mixed-use redevelopment projects are taking place,” Eisen said. “So the lender was very aggressive in accommodating our client’s construction needs.”
Bushwick also offers strong transportation options, Eisen added.
The property is located only a block away from Myrtle Avenue, one of the neighborhood’s main thoroughfares, and is within walking distance to the Myrtle Avenue subway stop on the J, M, and Z lines, offering a 20-minute ride into Manhattan.
Eastern Union closes an average of $3 billion annually, with a market share far outpacing the industry. Working with over 85 lenders, the firm closes loans on multifamily, mixed-use, medical, single-tenant properties and properties in every category.