Eisen of Eastern Union Funding negotiates a $9.5 million loan to refinance Arion Place, a 66-unit multifamily

Eastern Union Funding has negotiated a $9.5 million loan for the refinance of Arion Place, a 66 unit multifamily. The loan was originated and negotiated by vice president of Eastern Union David Eisen. Eisen secured a rate in the low threes on a 12-year term for Arion Place, located on a one-block street in Bushwick between Broadway and Bushwick Ave. Nicknamed the Opera House lofts, Arion Place is a former German performance center with a history dating back to the late 1800s. Today, it maintains an eclectic image and is home to an artistically inclined and predominantly young demographic. Eastern Union has now closed 84 deals in Bushwick. The neighborhood, and Arion Place itself, has been an area of interest for quite some time. "The story of gentrification in New York is familiar, but on the blocks around Arion Place, few are sure how this chapter will end," the New York Times wrote in 2004. Of the property, the Times said, "Most photogenic, and closest to Broadway, is the red brick facade with soaring arched windows that is featured in the ads for the building." "Bushwick is booming now," Eisen said. "The press has been talking about this for a while, there's a real transition here and you can witness it." After painting a rather grim portrait of the neighborhood, even the New York Times acknowledged, two years ago "There are ample signs...of a new era."