Commercial real estate mortgage brokerage Eastern Union secured a $33.84 million loan to help finance the purchase of a four-story, 144,263-square-foot medical office building located at 6201 15th Ave. in the Borough Park neighborhood of Brooklyn. The 144,263-square-foot figure represents the property’s net rentable area; its gross square footage equals 147,520 square feet.
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,” Jaffa said.
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.
