Eastern Union Funding Arranged $12.2 Million in Financing for the Acquisition of Five Shopping Centers
Monday, November 7, 2016
Two Allentown shopping centers sold; upgrades planned
New Jersey-based Eastern Union Funding arranged $12.2 million in financing for the acquisition of five shopping centers, two of which are in Allentown. The others are in Hawley, Duryea and Salem Township.
A family trust from California sold the properties, said Marc Tropp, senior managing director of Eastern Union Funding.
The two local properties are Eastside Plaza, a 74,000-square-foot-property at 704-732 W. Emaus Ave. in Allentown which has 15 units and is 94 percent occupied.
The seller recently signed anchor tenant Superfood Marketplace, a privately owned grocery. It signed a long-term lease for 40,000 square feet.
The other site, Union Boulevard Plaza, is at 2102-2130 Union Blvd. in Allentown, which is a 28,000-square-foot-property with seven units.
Union Boulevard Plaza is a strip center in a densely-populated neighborhood of Allentown. Primary tenants include Dollar General, Advance Auto Parts and two restaurants.
This site is about 70 percent occupied.
The Eastern Union Funding brokers who negotiated the loan were Tropp and Barry Dollman, director of underwriting, who both work out of the Bethesda, Md., office.
Founded in 2001, Eastern Union Funding is the country's second most active commercial mortgage company, on a transaction volume basis, 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 closes an average of $3 billion annually 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 information, visit www.easternuc.com.
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