Hakim, Zabala and Murad of Eastern Consolidated negotiate $27.5 million construction loan

Manhattan, NY Eastern Consolidated’s capital advisory division has arranged a $27.5 million refinancing of a construction loan for a seven-story, 21,166 s/f condominium development that is nearly topped out at 204 Forsyth St. on the Lower East Side.

The lender was Churchill Credit Holdings LLC, and the borrower was developer Charles Saulson.

Adam Hakim and Sam Zabala, managing directors in Eastern Consolidated’s capital advisory division, handled the transaction. James Murad, director, financial services, served as the analyst on the deal. The team closed the original construction loan for the project nearly two years ago.

The condominium will include 11 apartments—10, two-bedroom units and one, three-bedroom unit, and two parking spaces. With construction already underway, one of the two-bedroom units has been put into contract for $3.6 million.

“This condominium is being built in a great Lower East Side location just south of Houston and across from Sara D. Roosevelt Park,” Zabala said. “In recent years, the area has seen an influx of millennials who are drawn to the neighborhood by its convenient Manhattan location, popular restaurants, night life, and art galleries.”

Saulson is an experienced New York City developer who has completed multiple renovations and ground-up developments throughout the city over the last 15 years. The Foundations Group is acting as the general contractor for the project.