Eastern Union Arranges $8M Loan for Farmingville Retail Center
Tuesday, March 22, 2016
Brooklyn-based Allied Properties has secured $8 million in financing for its Farmingville shopping center.
The 10-year loan from Bethpage Federal Credit Union for Tiffany Plaza at 1075 Portion Road has a 4.5 percent interest rate that is fixed for five years.
Built in 1989 and renovated over the last three years, the 59,800-square-foot center on 6.98 acres is currently 40 percent occupied, but has three more recently signed leases that will bring its occupancy to 76 percent.
Jake Handelsman of Eastern Union Funding’s Long Island office and Uri Shoshana of Eastern Union’s New Jersey office arranged the financing.
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 byCrain'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 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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