REBusinessOnline

Eastern Union Funding Arranges $4.8M in Refinancing for Mixed-Use Property in Tribeca

78-Franklin-St-NYC

The landmarked Tribeca brownstone features apartment units and a commercial space, occupied by Aqua Studio.

NEW YORK CITY — Eastern Union Funding has arranged a $4.8 million loan for the refinancing of a five-story, mixed-use brownstone in Tribeca. The borrowers are two private owners. Located at 78 Franklin St., the property has undergone a $2 million renovation, which gutted the 2,000-square-foot apartments, upgraded the lobby, hallways and façade, and new stairs, elevator, HVAC and roof. The property’s commercial tenant is Aqua Studio, an underwater cycling studio. David Betesh and Ted Matalon of Eastern Union arranged the financing, which was provided by First American International Bank.

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