Eastern Union president Ira Zlotowitz and Michael Muller, senior managing director, originated and arranged the non-recourse five-year deal with a regional balance sheet lender, locking in an interest rate of 3.375 percent and covering 80 percent of the client’s costs. The properties were purchased for an aggregate price of $5 million.
Located on Emory Street, Clendenny, and Virginia Avenue, the three-building portfolio consists of 47 residential units and one commercial space.
“By working with a lender whose appetite we’re very familiar with, we could underwrite a deal which will significantly minimize our client’s annual payments, particularly as interest rates begin their predicated upward push,” 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/.
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