FAIRFAX, VA – April 17, 2015: Eastern Union Funding, the country’s most trusted commercial real estate mortgage brokerage, arranged the construction loan on behalf of Fairfax-based Pillars Development Group LLC.
Eastern Union’s Marc Tropp negotiated a 24-month $11.8 million loan with a floating rate of 1 percent over PRIME with a floor of 4.75 percent. The loan was brokered with Premier Bank and covers 80 percent of the developer’s costs.
PDG is planning ground-up construction of 25 four-story urban townhomes dubbed Mayfair Townhomes. The homes, which will be marketed and sold by a leading firm with local experience, will vary in size from 3-4 bedrooms and feature two car parking, designer kitchens and roof top terraces. Located at 10341 Main Street, the site of Mayfair Townhomes is situated in the heart of the thriving retail scene and business district of downtown Fairfax. Development will span two phases.
“This is a phenomenal deal,” Tropp said. “By tapping into Eastern Union’s strong lending relationships we were able to provide competitive financing for a project right in the heart of the Mid-Atlantic multifamily market.”
Founded in 2001, Eastern Union Funding is the country’s most trusted debt brokerage and one of the fastest-growing mortgage companies. One of the top 10 non-direct-lender financial intermediaries on Mortgage Bankers Association’s annual survey, the company’s reliable debt solutions have also prompted accolades from Crain’s New York, Inc. Magazine, Real Estate Forum and more. Closing an average of $3 billion in annual transaction volume nationwide, Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more on the country’s most trusted debt brokerage visit: www.easternuc.com
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