NEWARK – December 1, 2014: Two hundred ninety-four units changed hands today at 368 Mount Prospect Avenue in Newark. Parkwood Place Apartments traded for $23.8 million in a sale financed by Eastern Union Funding, one of the fastest growing commercial real estate brokerages serving the national sector.
Eastern’s Senior Managing Director, Michael Muller, arranged the financing. Muller locked in a rate of an even 3 percent on a five year term without recourse. The financing was provided by Capital One Bank.
Eastern Union Funding has closed nearly 300 deals in the outer boroughs this year, a trend which is spilling onto New Jersey soil, says Muller—who has personally tied up over 100 deals in the state in the past 12 months alone.
“Tenants are headed to the outer boroughs and beyond. The Bronx is generating a lot of interest from investors, but in addition you have NJ outposts, like Newark, and there’s a seismic increase in deals outside of New York,” Muller said. “Our client is tapping into a market where the demand is inevitable, and making this investment at the right time, with interest rates where they are.”
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. For more information, please visit: http://www.easternuc.com/.
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