WASHINGTON, D.C. – March 10, 2015: Eastern Union Funding, the most trusted commercial real estate mortgage brokerage serving the national sector, arranged the refinancing of a large multifamily on Minnesota Avenue NE in Washington, D.C.
Eastern Union’s David Merkin, based in the firm’s Mid-Atlantic office, originated and arranged a non-recourse seven-year $4.6 million loan carrying a competitive interest rate. It closed with Investors Bank, which is based in New Jersey, lends to a broad range of markets and consistently expands its banking footprint.
Merkin worked with Investors to refinance this property – despite its location to the south of the Short Hills-based lender’s typical market. In doing so, the bank tapped into one the most thriving real estate corridors in Washington D.C.
The three-story property, Minnesota Commons Apartments, houses 83 units and is situated in of the most coveted and robust retail and development corridors in the greater surrounding area. The client, 4069 Minnesota Avenue NE, LLC, praised the execution of the transaction.
“This was the easiest refinancing I’ve ever done,” said Managing Member Ronald Bergman. “Today, they make you jump through a lot of hoops, but thanks to David and the team at Investors, we avoided all that – we had our ducks in a row.”
Minnesota commons is across the street from the Metro, in the center of increasing real estate development, and also across the street from the DC Department of Employment Services Headquarters—in addition to an array of nearby cafes, restaurants, retail outlets and parks.
“It’s a prime location,” Merkin said. “As a testament to that, we brought the lender into the market place, got them acquainted with the area, and ultimately arranged an aggressive quote. This loan product was more competitive than an agency product or anything a regional bank could offer.”
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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