Eastern Consolidated Arranges $26.4M Loan for Multifamily Property in Brooklyn

by Haisten Willis

NEW YORK CITY — Eastern Consolidated has arranged a $26.4 million bridge loan from G4 Capital that will fund the recapitalization of a ground lease at 285 Schermerhorn St. in Brooklyn. Jonathan Aghravi and Charles Han of Eastern Consolidated represented the borrower, 285 Schermerhorn LLC, which plans to redevelop the site from its current seven-story structure to a 116,433-square-foot, 14-story residential building with 132 condominiums and 3,400 square feet of ground-floor retail space. Brooklyn Community Services owns the property and will maintain its headquarters in the building during and after the construction phase.

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