BRONX, NY – July 13, 2015:Eastern Union Funding, a top 10 commercial real estate debt brokerage, arranged a loan for construction of a Best Western near Yankee Stadium on behalf of hotel group Sitaran LLC, a hospitality partnership with investments in 32 hotels in the tri-state area.
Eastern Union’s Head of Structured Finance, Dov Zabrowsky, negotiated an SBA loan with Aileron Capital Management. Once construction is completed, the financing automatically rolls into a full-term permanent loan.
The deal covers 80 percent of Sitaran LLC’s roughly $9 million in development costs for the hotel, carrying an interest rate of 4.405 percent and two years of interest only. The IO period will likely cover the construction period, which is estimated to span two years as well.
Development is slated to commence immediately for the planned 33,000 square-foot Best Western flag, which is located on 926 Sedgwick Avenue, right around the corner from Yankee Stadium.
“To say that SBA loans take due diligence is a big understatement, but these loan products are an increasingly competitive option,” Zabrowsky said.
About Eastern Union Funding: Founded in 2001, Eastern Union Funding is a top 10 commercial mortgage brokerage, according to Mortgage Bankers Association’s annual survey. Eastern Union’s sophisticated and reliable debt solutions are built on a foundation of trust, and complemented by a one-of-a-kind equity division. As per Crain's New York, Eastern Union is one of the top 50 fastest growing companies in NYC. Other accolades, also based on growth, came from Inc. 5000, real estate forum, Observer Media 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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