Jaffa and Halpern of Eastern Union secure $33.84 million loan

Brooklyn, NY Eastern Union secured a $33.84 million loan to help finance the purchase of a four-story, 144,263 s/f medical office building located at 6201 15^th Ave. on the corner of 62^nd St. in the Borough Park neighborhood.

The transaction was led by Alex Jaffa and Ben Halpern, both senior loan consultants with Eastern Union.

The acquisition carried a sale price of $42.3 million, with the mortgage representing an 80% loan-to-value ratio. With stepdown prepayment penalties, the loan has an interest rate of 5.55% over a five-year term based on a 25-year amortization schedule. The borrower was not identified. The lender was Webster Bank.

“By closing the financing for this office building, Eastern Union helped our client unlock new opportunities for growth and expansion,” said Jaffa. “Our dedication to delivering personalized service and expertise ensured a successful outcome that exceeded expectations.”

The 144,263 s/f figure represents the property’s net rentable area; its gross square footage equals 147,520 s/f.

The reinforced concrete frame structure – with fixed casement windows – was fully renovated in 2010. It occupies a .83-acre parcel of land. The property includes a .19-acre, ancillary surface parking lot with 25 parking spaces.