LINDENWOLD, NJ – July 9, 2015: Top-ten commercial mortgage brokerage firm Eastern Union Funding announced today the financing for Coachman Manor on Gibbsboro Road.
Eastern Union worked on behalf of the borrower, Philadelphia-based Odin Realty, to secure a five-year, non-recourse, 3.25 percent loan from a regional balance sheet lender. Proceeds will be used to refinance a $13.8 million acquisition loan, facilitating a cash-out of over $9 million.
Senior Managing Director Eli Breiner headed Eastern Union’s team. Purchased for about $16 million in March, 2014, the property was in poor condition and just 60 percent occupied at the time [of the sale].
“Coachman Manor has undergone a healthy transformation since that point in time,” Breiner said. Odin Realty has done extensive renovations to the property, and as a result, its owners have enjoyed 100% occupancy since November.
Coachman Manor consists of 546 garden style apartments, built in 1969 on a 28.4 acre site. Communal amenities include a pool, athletic field, and walking trails available onsite. It is also a strategic hub for commuters tucked between Gloucester and Voorhees, who can enjoy easy access to public transportation.
About Eastern Union Funding: Founded in 2001, Eastern Union Funding is a top 10 commercial mortgage brokerage, according to Mortgage Bankers Association’s annual survey. Eastern Union’s sophisticated and reliable debt solutions are built on a foundation of trust, and complemented by a one-of-a-kind Equity Division. As reported by Crain's New York, Eastern Union is one of the top 50 fastest growing companies in NYC. 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 commercial mortgage brokerage visit www.easternuc.com.
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