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Debt & Equity

Eastern Consolidated team arranges bridge loan for Calyx developer

Eastern Consolidated’s Capital Advisory Division has arranged a $25 million inventory loan for The Calyx, a newly constructed, 10-story, 31,872 s/f condominium featuring 35 residential units and commercial and community facility space at 189 Avenue C in the East Village.

The lender was RCG Longview, and the borrower OTL Enterprises LLC.

The Calyx
The Calyx

Adam Hakim and Sam Zabala, managing directors in Eastern Consolidated’s Capital Advisory Division, handled the transaction, which will provide bridge financing while the sponsor sells the remaining condo units. James Murad, Director, Financial Services, served as the analyst on the deal.

“The Calyx is a full-service luxury condominium with prices ranging from $540,000 to $1.45 million, which is a fantastic value in today’s Manhattan market, especially in the East Village,” Hakim said.

Million Dollar Listing broker Ryan Serhant of Nest Seekers, was recently hired to handle sales for the building. A number of the residential units and the commercial and community facility space are already in contract.

OTL Enterprises is a construction management and development firm based in Tribeca.

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