NEW YORK—Eastern Consolidated has secured a first mortgage totaling $21.75 million for the future redevelopment of a city block in North Williamsburg, Brooklyn. The company’s Director Gabriel Saffioti with Executive Managing Director Alan P. Miller procured the lender, New York City-based Richmond Hill Investment Co. LP. Columbia River Capital Advisors led by Gabriel Boyar in partnership with Robert Gordon’s Rushmore Capital Partners acted as financial advisor to the lender.
“It is rare to find a full block in North Williamsburg today as this particular Brooklyn sub-market is highly competitive,” said Miller. “It is extremely unusual to be able to control an entire city block as this parcel is 200x400 ft. and offers tremendous light, air and views.”
Nicholas J. Kaiserof Seyfarth Shaw LLP acted on behalf of the developer, while Brian Cohen and Wayne F. Osoba of Foley & Lardner LLP represented the lenders.