NEW YORK ,
Aug. 13,
2024 /PRNewswire/ -- Chaim
Greenfeld, a vice president with Eastern Union, has secured
$72 million in construction financing
toward the development of a 117-unit luxury condo in Long Island City in Queens, NY.
Eastern Union, based in New
York, is one of America's largest providers of commercial
mortgage brokerage and capital markets advisory services.
The 19-story property, at 24-01 Queens Plaza North, will
encompass 119,625 square feet in size. The project is located at
Queens Plaza, directly across from the Queensboro Bridge. The
architect is ODA New York. The condo will include dozens of
recessed balconies and cantilevered floors, as well as 1,828 square
feet of commercial space.
Naftali Credit Partners provided a mezzanine loan in the amount
of $18 million to the owner of the
new condo, New Empire Corporation. Naftali Credit
Partners also structured and syndicated the senior position to Axos
Bank for a total of $72 million in
financing.
"It's always challenging to find the right lender in today's
market, especially when it comes to securing construction financing
for a luxury condo project like this," said Mr. Greenfeld. "In this
case, it was helpful that Eastern Union had existing relationships
both with the lender and the developer."
About Eastern Union
Founded in 2001, Eastern Union is a national commercial real
estate firm that provides both financing services and capital
markets advisory services. It employs more than 90 real estate
professionals and closes billions of dollars' worth of transactions
annually. Eastern Union leverages its relationships with lenders
and its marketplace knowledge to secure the best available rates
and terms.
Eastern Union secures financing for transactions of all sizes
across the United States.
Transactions, which can include multi-state and multi-site
portfolios, encompass conventional commercial mortgages, structured
debt, healthcare, hospitality, manufactured home properties,
single-family rentals, investment sales, and -- handled in
conjunction with company affiliate Eastern Equity Advisors --
equity placement.
For more information, visit
www.easternunion.com.
Media contact:
Steve
Vitoff
Eastern Union
516 652 0785
381739@email4pr.com
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SOURCE Eastern Union