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Debt & Equity

Ocean Hill loan tops $14M

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.

Ira Zlotowitz
Ira Zlotowitz

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.

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