The five year loan was provided by a regional balance sheet lender and features a competitive rate of 3.875 percent with, 50 percent non-recourse. The loan was negotiated by Senior Mortgage Consultant Zevi Schwartz.
Thanks to the success of phase one, the lender has committed an additional $3.8 million for construction of phase two. The property includes two buildings totaling 100,000 square feet.
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.