NEW YORK CITY—Eastern Union Funding has orchestrated a development project planned for 102 West End Ave.
An entity operating as 102 West End Partners, LLC, is heading construction of the seven story building, which will house 51 units in Brooklyn's Manhattan Beach neighborhood. The building will consist of 48 luxury housing units, three commercial spaces and 76 parking spaces.
Costs for the development site and construction combined are estimated at $26 million. Cushioning these costs was Eastern Union Funding's Jeff Seidenfeld, who negotiated a 30-month loan with a floating rate of .25 percent over prime, with a floor of 4.5. Financing was provided by Valley National Bank.
Seidenfeld's client pinpointed Manhattan Beach as one of the more prestigious neighborhoods in the borough. With panoramic views from all units, 102 West End is complemented by its location directly on the ocean, its proximity to Sheepshead Bay transit, and amenities including balconies on all units, 10 foot ceilings and a doorman.
“It's a credit to a strong borrower and a robust construction market that this deal was able to close so smoothly,” Seidenfeld says. “We were able to translate the client's vision to a very receptive lender, who, like the client, understands that construction is one of the biggest commodities on the market, and all parties came together to get this thing off the ground.”
“Today's brokers need to understand the trajectory of the construction market in order to meet the tidal wave of demand in this arena,” adds Ira Zlotowitz, president of Eastern Union Funding.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
