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Eastern Union Funding Arranges $11.4 Million for the Purchase of Office Building in Norfolk, VA

Friday, August 15, 2014

Eastern Union Funding, LLC, one of the country’s largest national commercial mortgage brokerage companies, negotiated $11.4 million for Town Point Center, a 131,259 square-foot structure located along Norfolk’s highly traveled office corridor which traded for $14.5 million.


The five year was provided by Wall Street lender and features a competitive rate of 4.56 percent.

The transaction was arranged by Senior Managing Director Marc Tropp and David Merkin, managing director, both based out of the firm’s Bethesda, Md, branch.

Town Point Center is roughly 90 percent occupied by successful regional and local tenants, several of whom just exercised loan renewal options.

“We connected with our client, Hugh Cohen from the Cohen Investment Group, at the ICSC show in Maryland earlier this year. Through that meeting, we were able to arrange this phenomenal deal,” Tropp said. “What better way to quantify the success of the show than this monumental purchase?”

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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