Metzger and Hyman of Eastern Union negotiate $22.72 million refinancing of 44-unit mixed-use property on Roosevelt Island

Eastern Union Funding has negotiated a $22.72 million refinancing on a 44-unit mixed-use on Roosevelt Island. The loan was originated by Eastern Union senior managing directors David Metzger and Nate Hyman. Metzger and Hyman secured a 10-year fixed rate loan on the 14,909 s/f property. The loan was provided by Investors Bank. The deal services portions of two 16-story residential buildings, Riverwalk Place and Riverwalk Landing, respectively located at 455 and 425 Main St. The properties are a blend of housing units and eight commercial spaces, anchored by a Starbucks and Duane Reade. Developed by Related Cos. in partnership with Hudson Cos. in 2006, the property belongs to a planned community which will eventually be home to nine buildings, 2,000 new housing units, centralized retail commons surrounding the subway station, affordable housing and recreational facilities for island residents. The team has already completed the first six residential buildings, a new Main St., ball fields as well as retail and childcare facilities. Recognized for the development of the Time Warner Center, Related Cos. is also turning heads with Hudson Yards, an ongoing project expected to simultaneously transform Manhattan's skyline and landscape, while attracting millions of visitors a year. Hudson Cos. specializes in the development of high-quality market rate housing, with significant activity in affordable ownership and rental development. Riverwalk is one of several projects in Hudson and Related's respective pipelines, and is described by Metzger as "an ambitious and successful addition to what is already one of the most unique and promising markets within Manhattan." Roosevelt Island is a narrow strip of land sitting in Manhattan's East River, owned by the city and leased in 1969 to the state-sponsored "Urban Development Corporation" . Accessible to Manhattan by the New York Subway's F train, Q102 bus line and - for the more adventurous - the Roosevelt Island tram, the island's charm lies in its setting. While enjoying the same opportunities as mainland residents, the community offers a respite from the hustle and bustle of life in the big city.