RIVER VALE, NJ – February 26, 2015: Eastern Union Funding, the most trusted commercial real estate debt brokerage serving the national sector, arranged the loan to refinance an office building on behalf of a highly reputable architectural firm.
Eastern Union’s Josh Horowitz, based in the firm’s Howell, NJ, location, negotiated a five year $2.175 million loan with a competitive interest rate of 4 percent through a regional balance sheet lender. Despite vacancies and a non-existent cash-flow, Horowitz still negotiated a 75 percent LTV by executing a master lease on the vacant space.
The three story building houses 15 units and is located on Westwood Avenue. The first floor is vacant.
“This was a gorgeous deal. Based on the strength of the borrower and our relationship with the bank, we were able to get the leverage needed to turn this asset into a cash-flowing product with a favorable rate as the cherry,” Horowitz said.
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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