Eastern Union Funding has arranged a $4.8 million loan from First American International Bank for the refinancing of a five-story landmarked brownstone in Tribeca on behalf of two private owners with significant real estate development experience.

The building is located at 78 Franklin Street between Broadway and Church Street. Purchased in 2007 for $6.5 million, the property underwent a major $2 million renovation, which gutted the 2,000-square-foot apartments, upgraded the lobby, hallways and façade and added new stairs, elevator, HVAC and roof. The improvements significantly added value to the asset. The commercial tenant, the city’s first underwater cycling studio Aqua Studio, has a long-term lease.

Before the loan’s closing, the Eastern Union team navigated a few complications to create an innovative deal structure that was advantageous for both parties. Eastern Union’s David Betesh and Ted Matalon arranged the financing.

About Eastern Union Funding

Founded in 2001, Eastern Union Funding is the country's second most active commercial mortgage company, on a transaction volume basis, and one of the top 50 fastest growing companies in NYC as reported by Crain's New York Business the past two years straight. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union closes an average of $3 billion annually nationwide. The firm's sophisticated debt solutions are complemented by a one-of-a-kind Equity Division. Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more information, visit www.easternuc.com.