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Eastern Union Funding Arranges $3 Million for the Refinance of an Unsold Share Package in Brooklyn, NY

Wednesday, July 16, 2014

Eastern Union Funding, LLC, one of the country’s largest national commercial mortgage brokerage companies, negotiated a $3 million loan for a co-op apartment building on Shore Parkway.

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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/.


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NY Headquarters
3839 Flatlands Ave #211
Brooklyn,  NY  11234 
t. 718-567-8400 
f. 718-338-8488 
info@easternuc.com
NJ Headquarters
481 Oak Glen Road
Howell,  NJ  07731
t. 732-301-3900
f. 732-942-5558
info@easternuc.com
Maryland Headquarters
7910 Woodmont Ave, Suite 870
Bethesda,  MD  20814
t. 202-617-3133
info@easternuc.com
Upstate NY
3 College Road, Suite 203
Monsey,  NY  10952
t. 845-322-7000
info@easternuc.com
NYC Headquarters
1460 Broadway
New York, NY 10036
t. 718-567-4914
info@easternuc.com
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5906 Park Heights Ave.
Baltimore, MD 21215
Williamsburg, NY
481 Wythe Ave.
Brooklyn, NY 11249
Long Island, NY
181 South Franklin Ave.
Valley Stream, NY 11581
t. (516) 430-5501
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