Eastern Union Funding Arranges $22,950,000 in Financing For 546-Unit Property in Lindenwold, NJ
Eastern Union’s Eli Breiner achieves $9M cash-out for Philly-based client
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.
#
# #
 |
 |