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Debt & Equity

Eser Realty secures construction loan for Williamsburg rental

Eastern Union Funding closed a loan on behalf of the owner of a Williamsburg warehouse, soon-to-be a luxury multifamily located at 28-46 Roebling Street.

Photo by Doctor Popular/ Flickr
Photo by Doctor Popular/ Flickr

Director Jonathan Singer led the team for Eastern Union, executing a two-year, full-term interest-only, $14 million construction loan with a floating rate of four percent over 30-day LIBOR with a floor of 4.5 percent. Financing was provided by Popular Community Bank.

The existing warehouse is a 53,700 s/f structure standing four stories high.  Eser Realty is converting it into 58 luxury rental units and adding an additional story with an elevator running the depth of the structure. The process is expected to span 12-18 months and cost a total of $26 million.

“This was a clean deal,” Singer said. “Construction usually gets trickier when you put a shovel in the ground, however because this isn’t ground up and the bones of the building are there, the loan process was much simpler.”

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