The five year loan was provided by Signature Bank and features a competitive rate of 3.375 percent with one year interest-only. The loan was negotiated by Eastern Union President Ira Zlotowitz and Michael Muller, senior managing director.
“The client is taking advantage of the enormous growth in the Bronx lately,” said Mr. Muller to The Commercial Observer. “The borough is seeing the surge that Brooklyn began to experience six or seven years ago.”
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.