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Dealmaker: Eastern Union Secures $72M in Construction Financing for Queens Community
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(Rendering courtesy of Eastern Union)
Eastern Union, New York, arranged $72 million in construction financing toward development of a new luxury condo building in Long Island City, Queens, N.Y.
Chaim Greenfeld, a Vice President with Eastern Union, secured the financing.
Naftali Credit Partners provided a mezzanine loan in the amount of $18 million to the owner of the new condo, New Empire Corp.
Naftali Credit Partners also structured and syndicated the senior position to Axos Bank for a total of $72 million in financing.
The architect is ODA New York. The property, which will contain 117 luxury units in 19 stories, is located directly across from the Queensboro Bridge in Queens Plaza.