Eastern Union’s David Merkin, based in the company’s Maryland office, originated and arranged a non-recourse seven-year $4 million loan with a competitive interest rate of 3.375 percent. The loan was provided by a regional balance sheet lender and will be paid down on a 30 year amortization schedule.
The three story apartments house 84 units.
“We structured this deal for the best of both worlds. Usually when you win on rate you make the sacrifice of accepting five-year money,” Merkin said. “Based on the performance of this property, we weren’t willing to make that sacrifice.”
Founded in 2001, Eastern Union Funding is the country’s most trusted debt brokerage and one of the fastest-growing mortgage companies. One of the top 10 non-direct-lender financial intermediaries on Mortgage Bankers Association’s annual survey, the company’s reliable debt solutions have also prompted accolades from Crain’s New York, Inc. Magazine, Real Estate Forum and more. Closing an average of $3 billion in annual transaction volume nationwide, Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more on the country’s most trusted debt brokerage visit: www.easternuc.com
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