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Eastern Union Funding Arranges $5.626 Million for Distressed Multifamily Acquisition in Tulsa, OK

Monday, May 4, 2015

High leverage loan negotiated for purchase and capital improvements on a large apartment complex

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TULSA, OK – May 4, 2015: Eastern Union Funding, the country’s most trusted debt brokerage, arranged a $5.626 million loan on behalf of a Pennsylvania-based borrower.

Eastern Union’s Nate Hyman and David Metzger originated and arranged the 18-month bridge loan, which covers 75 percent of both the acquisition and capital improvements planned. The loan is a highly competitive solution for a property purchased with just 80 percent occupancy, 15 points below the market average in Tulsa.  

The property is a 243-unit apartment complex which Eastern Union’s client can now reposition in a healthy market.

“Trying to structure a conventional loan for a project like this would have looked like trying to dig a well in a desert,” Hyman said. “Our client needed leverage and that’s what we do; we make the market work for our clients.”


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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