The non-recourse seven year loan was provided by a regional balance sheet lender and features a rate of 3.4 percent. The transaction was negotiated by David Singer, director of banking relations, based out of the firm’s Howell, NJ office.
Singer’s client bought into a co-op, which was struggling to maintain 81 unsold units. Following extensive renovations to a property, which at one time could not support its maintenance bill, the borrower’s asset has a strong, positive cash-flow-so strong that the bank was willing to lend on his units, even though they are subordinate to the underlying co-op loan.
“My client’s long-time experience in co-op management and strong background in real estate helped turn this project around. It also allowed us to arrange this loan, with a bank who had never provided this loan product, at a more competitive rate then the lenders who do these at a dime a dozen,” Singer 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/.