Freund of Eastern Union Funding secures $5.1 million acquisition loan

900 Grand Street - Brooklyn, NY

Alex Freund, Eastern Union Funding

Brooklyn, NY Eastern Union Funding has secured a $5.1 million acquisition loan on behalf of an area investor to purchase 900 Grand St., a 22,600 s/f, income-producing mixed-use property in East Williamsburg. The industrial property, which offers an additional 8,000 buildable s/f, currently comprises two ground-floor commercial/retail spaces totaling 15,000 s/f, and residential loft rentals on the second floor. Senior mortgage officer Alex Freund arranged the nine-year, fixed-rate loan at 3.375% with Suffolk County Bank.

“There was a great deal of interest in the property, given the borrower’s unique opportunity to redevelop the industrial building into the type of creative space driving tenant demand in the Williamsburg area,” said Freund. “There is great short and long-term repositioning potential as the building’s short-term leases roll over.”

The brick- façade building features 12 to 17-ft. ceiling heights, five drive-ins, and two elevators. It is located a block away from the Grand St. L Train subway station and is within walking distance to Bushwick Ave. and Metropolitan Ave. retail corridors.

The property also offers access to the Brooklyn-Queens Expressway and Manhattan via the Williamsburg Bridge.