WASHINGTON, DC – June 2, 2015: A three-story residential building, along the bustling corridor of Georgia Avenue is breaking ground soon. The construction is part of a mounting campaign among developers to sell units, rather than rent them, to millennials in that demographic’s price range.
Eastern Union Funding, the most trusted debt brokerage in the country, brought this construction project to life in the form of a $2.5 million loan. Originated and arranged by Eastern Union’s Judah Malka, the deal covers 80 percent of total project costs on an 18-month term, with a rate of 4.25 percent—a competitive solution for construction loan products.
The loan was negotiated with Main Street Bank, with whom Malka teamed up with to aggressively outbid a prior lender under consideration. That bank would have only offered 65 percent leverage.
The development site is located at 4519 Georgia Avenue NW. It will stand three stories and house six, two-bedroom condo units.
Eastern Union’s client, JSG Development, seized this opportunity after observing an underserved market for affordable condos with high levels of fit-and-finish. With its strong culture base, the dynamic neighborhood surrounding Georgia Avenue in Petworth is a prime location –a highly sought-after, not yet oversaturated, enclave.
“JSG Development looked to dynamic neighborhoods like this one and saw opportunity for those who want to own, rather than rent. This group is investing in the neighborhood by providing future owners the option for a true, luxury quality product at an accessible price. There are only a handful of others here that are doing the same,” Malka said.
Founded in 2001, Eastern Union Funding is the country’s most trusted debt brokerage and one of the fastest-growing mortgage companies. One of the top 10 non-direct-lender financial intermediaries on Mortgage Bankers Association’s annual survey, the company’s reliable debt solutions have also prompted accolades from Crain’s New York, Inc. Magazine, Real Estate Forum and more. Closing an average of $3 billion in annual transaction volume nationwide, Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more on the country’s most trusted debt brokerage visit: www.easternuc.com
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