NEW YORK CITY—Eastern Union Funding has arranged a $19.5 million acquisition loan for the $26 million purchase of a Brooklyn recording studio, pub, and artist compound. The firm was working on behalf of the buyer, operating as 270 Meserole Street LLC.
To facilitate this transaction, Eastern Union's Jeff Seidenfeld negotiated a $19.5 million five year loan. Financing was arranged with Investors Bank, for the property which is located at 260-272 Meserole.
“This asset is unique and there's a huge amount of excitement surrounding the project locally,” Seidenfeld said. “The property is positioned to perform very well, and we worked out the appropriate financing solution based on its strength.”
Eastern Union says its client purchased a haven for musical talent. The five-story, 64,000 square foot musical factory houses a recording studio, a concert hall–slated to open imminently–pub, and office space on the upper floors.
The property is divided into three well-known venues.
The Wick, which operates on the ground floor, is an indoor performance space with a large stage, full bar and space for an audience of over 400; The Well, an eclectic indoor/outdoor pub; and the Sweatshop, a nest of recording studios which local musicians can rent out for a highly competitive hourly rate. The Wick is completed and scheduled to open this summer.
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