The seven-year loan, featuring a fixed rate of 2.782 percent was provided by a CMBS Lender. The transaction was negotiated by Eastern Union President Ira Zlotowitz and Shaya Ackerman, senior managing director and head of structured finance, both based in the firm’s New Jersey branch.
The unique high-rise is situated in downtown Springfield, near the state capital. The new ownership will transform the asset through unit upgrades, catering to a diverse tenant base who prosper from the property's location in the city's epicenter.
“The property is consistently well-occupied and there's major upside potential. Our client is seizing a value-add opportunity in a neighborhood with thousands of nearby employers,” Zlotowitz said.
Founded in 2001, Eastern Union Funding is one of the country’s largest private commercial real estate mortgage brokerage companies serving the national commercial real estate sector. Eastern Union’s brokers, acting as trusted advisors, operate on the simple premise of putting the clients’ needs first. It has an arsenal of lending sources for financing complex, multi-state, multi-site portfolios as well as loans for smaller, single-property transactions which allow for consistent placement averaging 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/.