NEW YORK – December 8, 2014: In a deal characterized by the real estate professionals involved as one with “many moving parts,” Eastern Union Funding closed $6 million to refinance a mixed-use located at 14 Saint Mark’s Place in Manhattan.
Eastern Union, one of the fastest growing commercial real estate brokerages serving the national sector, lined up a ten year term with an interest rate locked-in at 4.5 percent, non-recourse. The funds were secured through Ladder Capital.
The five story, nine-unit building is owned by 40-year industry veteran Robert Galpern, owner of African American Small Property Owners Group Inc, a Manhattan based operator and real estate professional who currently owns seven buildings in the city—including 14 Saint Mark’s, purchased in 1993. The loan was arranged by Eastern Union President Ira Zlotowitz and Shaya Sonnenschein, senior managing director.
Sonnenschein was recently promoted to partner with Zlotowitz on all deals, and was listed on Commercial Observer’s “25 on the Rise” feature, which highlights outstanding real estate professionals under the age of 35. This deal is one of the presidential duo’s first closings since the new internal arrangement.
It was defined by both real estate professionals as a chess match.
“This was a complex deal because our client has multiple uses for the property, so a cookie-cutter loan wouldn’t cover all the nuances,” Zlotowitz said. “We could close it because we had a strong borrower whose asset has major upside potential, but by no means was this your typical refi.”
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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