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Another Fee is Capped as Eastern Union Funding Secures $16.7M Acquisition Loan for Blue Ocean Realty in Halethorpe, MD

Monday, November 16, 2015

CMBS refinances bridge loan on property with 612,000 SF of industrial spac

BALTIMORE, MD – November 16, 2015: Eastern Union Funding’s relationships were paramount in the closing of a $16.7 million refi against a single-story massive industrial building in the Baltimore region, on behalf of locally-based Blue Ocean Realty. This deal is also the latest in a series of deals tied up since Eastern Union capped its fees at $135k.

Eastern Union Funding President Ira Zlotowitz and Meir Kessner, senior managing director, originated and arranged a non-recourse 10-year loan with four years interest-only. The CMBS loan closed with Natixis, covers 75 percent of the building’s value, and refinances a bridge loan from Thorofare Capital.  

The IO period is a complementary twist to a loan which other lenders couldn’t seem to wrap their heads around. Digging deep into its extensive rolodex of various lenders, Eastern Union eventually found the right player for the deal.

“We faced some environmental issues leftover from the previous owner which made the due diligence process an extremely structured process. At the end of the day we located the right aggressive lender, had a client with an excellent track record, and brought all the moving parts together,” Zlotowitz said. “This is a deal all parties are proud to bring to the finish line.”

The building is located at 1954 Halethorpe Farms Road.

About Eastern Union Funding: Founded in 2001, Eastern Union Funding is a top 10 commercial mortgage brokerage, according to Mortgage Bankers Association’s annual survey, and one of the top 50 fastest growing companies in NYC, as reported by Crain's New York Business the past two years straight. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union caps its fees at $135k and closes an average of $3 billion in annual transaction volume nationwide. The firm’s sophisticated debt solutions are complemented by a one-of-a-kind Equity Division. Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more on the country’s most trusted commercial mortgage brokerage visit www.easternuc.com.

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