Eastern Union Funding's Jake Gluck Secures $15.8 Million Acquisition Loan For Retail and Flex Space in Hatboro, PA
Tuesday, November 3, 2015
Eastern Union Funding, a top 10 commercial real estate (CRE) debt brokerage, recently arranged a $15.8 million commercial mortgage that will be used to purchase a 419,000 square foot office, industrial and warehouse facility in Hatboro, Pennsylvania.
Senior Vice President Jake Gluck negotiated a 10-year, fixed-rate and non-recourse loan at 4.75 percent for his client, with interest-only payments built-in to the first five years of the loan. The financing was secured from New York City-based Benefit Street Partners, which is the credit arm of Providence Equity Partners.
“We had the right relationships to make this happen,” Mr. Gluck said. “We found a strong lender for this deal and they came through with phenomenal terms. After a weak jobs report the market went a little haywire, but we had an aggressive team that knew the market well enough to lock in a competitive long-term rate.”
Located at 330 South Warminster Road, the three-story property houses 20 units, including a warehouse, office space, a bustling cafe and fitness center.
“Jake, his team at Eastern Union, and Benefit Street structured a fantastic loan product for an equally strong addition to our portfolio. The market climate didn’t make it easy, but the whole team was aggressive enough to provide a smooth execution, regardless,” Mr. Gluck’s client said.
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.