Eastern Union Funding Arranges $13.35 Million Acquisition Loan for Multifamily in Miami, FL
Tuesday, September 9, 2014
Fannie Mae Acquisition Loan Covers 80 Percent of Purchase Price
MIAMI – September 9, 2014: Eastern Union Funding arranged financing for a New York City-based investor’s $16.126 million purchase of senior-living-complex Cabana Club. Their client, operating as RACH Cabana LLC, has scooped up an eight-story, 332-unit Miami apartment complex, expanding its presence to a rapidly resurging Florida market which has investors lining up in droves despite a top-dollar barrier of entry.
Negotiated by David Metzger and Nate Hyman of Eastern Union, the 10-year loan closed at 4.97 percent interest and was provided by Arbor Commercial Mortgage, LLC.
Unlike other assets hitting the Miami market, the borrower absorbed an affordable option and high-performing asset, in a city where the average single-unit rental is nearly $2,000 monthly.
At less than a third of that price per resident, the 319,990 square-foot Cabana Club was fully occupied when it changed hands from the previous owner, operating as Cabana Club Associates, LTD.
“Everyone involved worked hard on this deal, and I give a lot of credit to our client for his vision,” Metzger said. “Additionally, this market is ripe and it’s exciting to continue expanding our footprint in Florida.”
Like their client, Metzger and Hyman are also increasingly active in the Florida market, having tied up deals in Orlando, Tampa and Naples earlier this year. Including this deal, these loans add up to a total of $36,815,000.
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.
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