Eastern Consolidated arranges $23m in loans across Manhattan

New York-based Eastern Consolidated has arranged loans totaling about $23m to refinance four multi-family properties in Manhattan, Real Estate Capital has learned.

New York-based Dime Savings Bank provided two seven-year loans totaling $9.8m for a six-story, 22,000 sq ft building at 416 East 71st Street and a six-story, 22,600 sq ft building at 327 East 108th Street. The loans, which carry a 3.5 percent interest rate, were made to New York-based G&J Properties and its affiliates.

Dime lent an additional seven-year, $3.2m loan to refinance a property at 341 East 85th Street, a 10,270 sq ft, five-story apartment building in the Upper East Side, which is owned by 341 East 85 LLC. The loan carries a 3.37% interest rate.

In a separate transaction, Eastern Consolidated arranged a two-year, $10.25m from Industrial and Commercial Bank of China for a Tribeca property at 175 Franklin Street. The loan carries a rate of Prime + 100 bps. The six-story building will be converted into residential units, with the ground floor available for retail.

Last month Eastern Consolidated arranged a $42m bridge loan for the first time developer Triple Star Realty’s purchase of a waterfront construction site in the Flushing neighborhood of Queens, New York to be developed into a mixed-use complex.