EUF worked on behalf of the borrower, the principal of Florida-based Blue Rock Partners LLC, to secure a non-recourse, two-year, 4.5 percent bridge loan. Proceeds were used to purchase the property and make capital improvements.
EUF’s team was led by Senior Managing Director Meir Kessner. President Ira Zlotowitz, a friend of the client, was personally involved in the process as well.
Town Park is nestled in the Oak Ridge neighborhood. Located at 701 Crest Valley Way, the property is just minutes from the retail, office, and restaurant corridors of Birmingham, AL.
“The borrower has a strong presence nationwide and knows the market well,” Kessner said. “His ability to visualize a finished product makes these deals more palatable to the lending community.”
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. Eastern Union’s sophisticated and reliable debt solutions are built on a foundation of trust, and complemented by a one-of-a-kind equity division. As per Crain's New York, Eastern Union is one of the top 50 fastest growing companies in NYC. Other accolades, also based on growth, came from Inc. 5000, real estate forum, Observer Media 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 visitwww.easternuc.com