NEW YORK – December 4, 2014: Punctuating two massive years of debt placement for Brooklyn real estate, Eastern Union Funding, one of the fastest growing commercial brokerages serving the national sector, closed a $4 million loan last week for a Brooklyn acquisition.
Eastern Union Managing Director David Eisen arranged this deal, which marked the 235th Brooklyn transaction, year to date. The five year loan features an interest rate of 3.5 percent without recourse and was provided by a regional balance sheet lender.
The debt services the purchase of two properties, a six unit and a three unit, located on Troutman street and Linden Boulevard respectively.
“The building is a high-performing, outstanding asset,” Eisen said. “By refinancing – with rates where they are today – our client increased proceeds significantly and positioned itself for more investments in this neighborhood.
Eastern Union Funding has seen an uptick in the number of Brooklyn transactions. The momentum began in 2013, when it closed 253 deals. This year, the company stands to do close to that exact amount of deals, but has already increased its transaction amount by about $30 million in Brooklyn debt. Fifteen Brooklyn deals remain in Eastern Union’s pipeline, scheduled to close before the ball drops in 2014.
About Eastern Union Funding: Founded in 2001, Eastern Union Funding is a leading national commercial mortgage brokerage firm, employing over 100 real estate professionals who, using their extensive knowledge of the market, share lender and market data and utilize state-of-the-art proprietary technology to capitalize on deep relationships with more than 85 local and national lenders. Eastern Union’s real estate professionals bring clients the very best rates and terms the market has to offer, acting as trusted advisors who operate on the simple premise that client needs come first. Eastern Union’s arsenal of lending sources enables the company to arrange financing for complex, multi-state, multi-site portfolios, as well as loans for smaller, single-property transactions. The company consistently places an average of a quarter of a billion in new loans every month. Eastern Union, which operates nationwide, is headquartered in New York, with offices in New Jersey and Maryland. For more information, please visit: http://www.easternuc.com/.
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