Blau of Eastern Union Funding arranges $7.3 million construction loan with CPC

Motti Blau, Eastern Union

Albany, NY Eastern Union Funding arranged construction financing for Up Realty LLC, which will commence the conversion of 20 Park St., from office to residential use.

Eastern  Union senior managing director Motti Blau negotiated the two-year, $7.3 million loan with the local office of Community Preservation Corp.

Near the New York State Capitol building and across from the new convention center site, the four-story, 94,920 s/f former office building is being redeveloped into 73 rental units. Planned amenities include a rooftop deck and a gym. Construction is slated for completion by early summer.

The property also offers on-site parking and is connected to the Times Union Center indoor arena, the Empire State Plaza complex, additional parking facilities and the future convention center via covered pedestrian walkway.

Founded in 2001, Eastern Union Funding is a leading commercial mortgage brokerage according to Mortgage Bankers Association’s annual survey, and one of the top 50 fastest growing companies in NYC as reported by Crain’s New York Business the past two years straight. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union closes an average of $3 billion in annual transaction volume nationwide. The firm’s sophisticated debt solutions are complemented by a one-of-a-kind Equity Division. Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. 

20 Park Street - Albany, NY