Eastern Union’s President Ira Zlotowitz and Meir Kessner, senior managing director, negotiated the non-recourse two-year bridge loan at 5 percent. The debt was placed with Investors Bank, which is consistently ranked among the top banks lending to the multifamily housing sector in the New York Metropolitan area.
The property is currently an unoccupied public building. It will house 39 condo units.
“We’ve invested heavily in construction financing recently, and we’re excited to announce this transaction – one of many in our pipeline,” Zlotowitz said.
About Eastern Union Funding: Founded in 2001, Eastern Union Funding is, according to Crain’s NY and Inc. 5000, the fastest-growing debt brokerage serving the national commercial real estate sector. Eastern Union’s sophisticated infrastructure is premised on our continued presence as the most trusted advisers in the industry, closing loans with over 85 lending sources regularly. With trust at the core of our corporate model, Eastern Union has arrived as a top-tier mortgage company. Our company’s trusted adviser anthem has prompted accolades for outstanding performance and a host of individual awards for Eastern Union’s real estate professionals. Our loan products include multi-state, multi-site portfolios, as well as deals financing smaller, single-property transactions. Eastern Union currently places an average of $3 billion every 12 months, and that number continues to increase. Eastern Union, which operates nationwide, is headquartered in New York, with offices in New Jersey, Maryland and Israel.. For more information, please visit: http://www.easternuc.com/.