The 10-year loan, featuring competitive rate of 4.61 percent, without recourse, will be securitized by a CMBS Lender. The transaction was negotiated by Eastern Union Funding Managing Director David Betesh, who is based out of the company’s Monsey, NY branch.
The 67,202 square foot neighborhood shopping center serves a dense population base and is strategically located about 2.5 miles from the interchange at Florida’s Turnpike. Its largest tenants are a flooring store and a daycare center.
“The borrowers, a group of foreign investors, needed a long-term financing solution with maximum loan proceeds. Ultimately our relationship with the leading CMBS shops allowed us to find that solution,” said Mr. Betesh.
Founded in 2001, Eastern Union Funding is one of the country’s largest private commercial real estate mortgage brokerage companies serving the national commercial real estate sector. Eastern Union’s brokers, acting as trusted advisors, operate on the simple premise of putting the clients’ needs first. It has an arsenal of lending sources for financing complex, multi-state, multi-site portfolios as well as loans for smaller, single-property transactions which allow for consistent placement averaging 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/.