Originally built in 1905 as a YMCA, and converted into a 197-key hotel in the mid-eighties, the building is currently divided between dormitory housing and separately-owned hotel rooms. It changed ownership today by means of a sophisticated transaction involving overseas investors and the Bethesda branch of Eastern Union Funding, a large mortgage brokerage company serving the national commercial real estate sector.
Eastern’s Marc Tropp and Barry Dollman arranged a loan for the purchase, and planned renovations, of the property. The associated costs and fees were packaged into one unique loan, servicing 80 percent of borrowers investment and fees for an exact total of $13,965,824. On top of that amount was $6 million in EB-5 financing.
"There are many components to this deal, which make it complex and interesting,” Tropp Said. “One of those components is the EB-5 financing program which was utilized.”
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/.