The 24-month bridge loan for $17.25 million at 4.375 percent was provided by a regional balance sheet lender. The transaction was negotiated by David Eisen, senior managing director, based out of the firm’s Howell, NJ office.
The property was purchased last summer, and the client is renovating the building extensively in preparation for the tenancy of a national retailer.
We were able negotiate an unbelievable deal,” Eisen said. “A handful of bridge lenders were quoting this deal in the six-to-seven percent range, but, because the deal was so secure, a traditional bank offered an extremely competitive short term loan, even though it’s not one of their typical products.”
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/.