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Eastern Consolidated arranges $34m mortgage.

Eastern Consolidated's Eric M. Anton, and Ronald A. Solarz, executive directors, exclusively represented the owners of 19-23 St. Mark's Place, in arranging a $34 million participating first mortgage for the 56,794 s/f seven-story plus penthouse, mixed-use property on one of the most well-known historical streets in Manhattan's East Village. The lender was an affiliate of UBS.

The building features 13,532 s/f of prime retail space on the first and second floors and 41 residential units.

According to Anton who said the property was on the market approximately a year ago, "Instead of selling the building, we arranged a more favorable transaction, enabling our client to retain control, yet monetize the increased value of the property. This was achieved through the mechanism of a participating first mortgage."
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Jun 13, 2007
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