COCONUT CREEK, FL – February 13, 2015: As brutal winter conditions persisted in its Northern, New York -based office, Eastern Union Funding contributed to the surge in real estate activity in Coconut Creek – where the high was 75 degrees – in the form of an acquisition loan for a shopping center there.
Eastern Union’s David Betesh and Jay Bidnick negotiated $4.35 million in financing for the purchase. Provided by Basis Investment Group, the ten-year loan features an interest rate of 4.40 percent without recourse.
The retail center, Lyons Plaza, is located at 1301-1509 Lyons Road, neighboring a Publix-anchored center, and features the Gold Coast Ballroom, a local tenant in occupancy since 1996, in addition to an array of local retailers including a Tire/Auto Express, Bagels R Us and Mongolian Wok.
The seller is prolific Boca Raton-based Southern Management and Development (SMD) L.P. SMD reportedly sold in attempt to upgrade their portfolio to newer product, involving national tenants, creating an opening for Eastern Union’s client to establish itself in a robust market.
“Coconut Creek real estate is thriving right now and multifamily development is generating interest from a retailer’s perspective. I think the fact that our international clients are establishing more posts here is an illustration of this. We’re excited to provide favorable financing terms in markets in all corners of the map,” Betesh said.
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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