Eastern Union takes team approach to 110 Green St. financing.Eastern Union Funding announced the successful closing for the financing of 110 Green Street located in the Greenpoint Greenpoint or Green Point can refer to the following places:
 k`lĭn), borough of New York City (1990 pop. 2,300,664), 71 sq mi (184 sq km), coextensive with Kings co., SE N.Y. .
The total debt financed was $53,400,000 representing 83% of the total cost of the project and consisted of a first mortgage of $41,400,000 and mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. of $12,000,000. Bank of NY placed the first mortgage and Canyon Johnson was the mezzanine lender. The deal had numerous challenges that needed to be overcome in order to successfully close the transaction. Some of the major challenges include the volatility of the condo market and the leverage needed. The project is a proposed 130 unit luxury condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. building. The 130 condos will be comprised of 51 one-bedroom units, 73 two-bedroom units and six three-bedroom units, and range in size from 675 to 1,350 square feet. The units will feature panoramic pan·o·ram·a n. 1. An unbroken view of an entire surrounding area. 2. A comprehensive presentation; a survey: a panorama of American literature. 3. views of Manhattan, private terraces and floor-to-ceiling glass windows. Plans for the project are fully approved and construction is set to start shortly. While condo sales have slowed the developers are confident that the project will be a success and included numerous high level upgrades to make the units desirable and attractive. In addition the property is located within close proximity to Manhattan, offering prospective buyers the benefits of Manhattan living at Brooklyn prices. Eastern worked closely with the developers to help them plan and direct the project to ensure successful financing. Josh JOSH Joshua JOSH Job Scheduling Hierarchically Drillick led the team at Eastern that handled this transaction. Drillick said " I am proud to say that by using our team approach to work this deal we were able to pool the wide knowledge base at Eastern and take a deal faced with numerous challenges and overcome them with a successful close." |
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