NEW YORK, April 26, 2021 /PRNewswire/ — Eastern Union, one of the country’s largest commercial real estate finance firms, has arranged financing totaling $53,745,000 for four commercial properties in New York State and Florida. The transactions were arranged by Eastern Union managing partner Abraham Bergman and vice president Yossi Orzel.
The first transaction was a $28-million construction loan for a 159-unit, condominium project in Monroe, NY. The loan carried a 75-percent loan-to-cost ratio over a 24-month period.
The second New York State deal, also in Monroe, provided $5 million in financing for a 26-unit, fractured condominium property that is coming out of construction. The 12-year, fixed-term mortgage carried five years of interest-only payments and was set at an interest rate of four percent. Financing for this relatively complex transaction carried a 75-percent loan-to-value ratio.
“Negotiating the right deal for a fractured condo transaction poses special challenges because many lenders simply don’t engage with this particular asset class,” said Mr. Orzel. “Nonetheless, Eastern Union succeeded in securing a loan that catered to the borrower’s specific needs.”
A third transaction secured $11 million in financing for a mixed-use property in Brooklyn, NY. The deal — which factored in the commercial rent — carried a fixed 3.2-percent interest rate over a ten-year period, with interest-only payments due for the first five years.
The fourth transaction supported a 160-unit, Low-Income Housing Tax Credit (LIHTC) property in Immokalee, FL with a ten-year fixed loan valued at $9,745,000. Interest was set at 3.22 percent, with one year of interest-only payments, despite the fact that the site had less than three years remaining on its federal LIHTC agreement. Financing carried an 83-percent loan-to-cost ratio.
“It takes deep knowledge of the marketplace to pinpoint lenders for complex structured transactions, or who’ll finance assets whose federal tax benefits are about to expire,” said Mr. Bergman. “Eastern Union enjoys a growing reputation for identifying funding sources for challenging deals like these.”
About Eastern Union
Founded in 2001, Eastern Union is a leading, national commercial mortgage brokerage firm. It employs more than 125 real estate professionals and closes an average of $5 billion in transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.
Eastern Union, headquartered in New York, closes transactions of all sizes across the United States. It secures financing for all asset types. Transactions — which can include multi-state and multi-site portfolios — encompass both conventional and structured financing. In 2020, Eastern Union’s Multi-Family Group reset market pricing by offering a quarter-point fee — with no back-end fees — for refinancing properties backed by Fannie Mae or Freddie Mac. Capital introductions are handled through Eastern Union’s affiliate, Eastern Equity Advisors.
Eastern Union’s free eCALC app instantly helps investors value and underwrite deals.
For more information, visit www.easternunion.com.
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SOURCE Eastern Union