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Eastern Union Funding Arranges $14.21M to Refinance Far Rockaway Multifamily

Friday, April 3, 2015

Seven-year deal replenishes bridge loan

FAR ROCKAWAY, NY – April 3, 2015: Eastern Union Funding, the country’s most trusted commercial real estate mortgage brokerage, refinanced Dix Mcbride Apartments in Far Rockaway on behalf of Gershon Eichorn. 

Mr. Eichorn, an investor specializing in revitalizing distressed properties, purchased the multifamily last year out of foreclosure and - with a high-leverage 12-month $8.7 million bridge loan also negotiated by Eastern Union - made capital improvements on its 130 units. With the rehabilitation complete, Eastern Union negotiated a competitive loan for the long term. 

Eastern Director Motti Blau arranged a $14.21 million seven-year loan. He brokered the loan with Investors Bank.

“When we did the bridge loan the asset was already performing, and we knew how strong the property would be when repositioned under our client’s management. Thanks to strategy and impeccable timing from everyone who worked on this deal, our client now has a long-term buffer against the interest rate hikes the Fed has been promising,” Blau said.  

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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