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Eastern Union Arranges $20M From Investors Bank for Riverdale Rental

Thursday, March 10, 2016

Eastern Union has arranged a $20 million loan for developer Abraham Strulovitch to refinance Riverdale Parc, a luxury rental property in the Riverdale section of the Bronx, by SVP Josh Horowitz and VP David Eisen.

The new non-recourse mortgage carries a 12-year term with a 3.5 percent rate, said David Eisen, a vice president at the brokerage. The proceeds of the loan will help the sponsor take out the original $13.6 million in construction financing from Doral Bank. That 30-month loan was set to mature, Mr. Eisen said. The property, located at 2727 Henry Hudson Parkway, is a 54-unit luxury building originally constructed in 2012 by Mr. Strulovitch, according to records filed with the New York City Department of Buildings. Mr. Eisen said that developing a rental building in Riverdale took a great deal of hand holding from a development standpoint.

Click here to read the full article in the Commercial Observer, page 7.

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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