Brody of Eastern Union secures $12 million to refinance 35,210 s/f industrial building

Brooklyn, NY David Brody, a loan originator with Eastern Union, has arranged $12 million toward the refinancing of a one-story, 35,210 s/f industrial building in the Williamsburg section of the city.

The property includes warehouse space, office space, and a parking garage.

“Eastern Union delivered competitive interest rates on this refinancing,” said Brody. “The owner reaped good proceeds on a cash-out transaction.”

“David Brody leveraged his real estate expertise to deliver a deal structure that was highly favorable for his client,” said Abe Bergman, president of Eastern Union. “While we have national reach, Eastern Union also has an excellent reputation as one of the most prolific brokers of commercial real estate mortgages throughout Brooklyn.”

The refinancing carried a 65-percent loan-to-value ratio. The loan’s term was five years, with interest-only payments over the full term. The interest rate was set at 6.54%. The identities of neither the owner nor the lender were disclosed.

The property, built in 1931, occupies a 1.04-acre parcel between Franklin St. and Wythe Ave. It includes a 10,000 s/f parking lot and is net-leased by the City of New York.