Eastern Union started off the year right answering the demanded created in the form of the construction cranes dotting the New York City skyline.
The firm’s latest loan product services a proposed six-story, 57-unit multifamily building in Ocean Hill, illustrating New York City’s construction boom’s loud pronunciation in Brooklyn.
Estimated costs for the project, located at 75-83 Ralph Avenue, are in the $21 million neighborhood. Cushioning these costs was a loan designed by Eastern Union president Ira Zlotowitz and two of his leading senior managing directors, Meir Kessner and Shaya Sonnenschein.
The brokerage team arranged a $14 million, 18-month construction loan from a regional balance sheet lender.
Eastern Union’s last deal of 2014 was also a construction loan for a similar amount. The company, however, is expecting a shifting landscape in the upcoming year.
“We’re going to see a more competitive market in 2015,” Zlotowitz said of this deal, echoing a discussion maintained for several months.