REBusinessOnline

Eastern Union Arranges $7.3M Construction Loan for Residential Conversion in Albany

20-Park-Street-Albany-NY

The former office building at 20 Park St. in Albany is being redeveloped into 73 residential rental units.

ALBANY, N.Y. — Eastern Union Funding has arranged construction financing for UP REALTY LLC for the conversion of 20 Park Street in Albany from office to residential use. Motti Blau of Eastern Union negotiated the two-year, $7.3 million loan with the Albany office of Community Preservation Corp. The four-story, 94,920-square-foot former office building is being redeveloped into 73 rental units. On-site amenities will include a rooftop deck, gym and parking. The property is connected to the Times Union Center indoor arena, the Empire State Plaza complex, additional parking and the future convention center via a covered pedestrian walkway. Construction is slated for completion by early summer.

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