Eastern Union Secures $62M for Brooklyn Mixed-Use Project
The property will feature a supermarket, Class A office space and residential units.
Seventh Street Development Group has landed a $62 million construction loan for a 105,000-square-foot mixed-use development in New York City’s Brooklyn borough. Eastern Union secured the two-year, floating-rate note through Invictus Real Estate Partners, Maxim Capital Group and Beach Point Capital Management.
Eastern Union’s Co-founder & President Abraham Bergman and Vice President Yossi Orzel arranged the mortgage, which covers 100 percent of the hard costs.
The new mixed-use development will include a 33,000-square-foot Lidl supermarket, 12,000 square feet of Class A office space, 57 residential apartments totaling 39,000 square feet, a 9,000-square-foot community facility and 12,000 square feet of additional retail space. The German grocer signed the lease for the ground floor space back in July 2022, according to The Real Deal, in what was considered one of the biggest retail deals of the year in Brooklyn.
Currently under construction in Crown Heights at 1730 Bedford Ave., on the site of an old Firestone service station, the lot is at the intersection of Empire Boulevard and Bedford Avenue. Brooklyn’s Prospect Park is within walking distance.
Lidl operates more than 170 stores on the East Coast, with 27 situated in the state of New York. Back in February, the company expanded its presence in the region with the acquisition of a 69-acre industrial development site in Bucks County, Pa., in a $144.6 million deal.