Eastern Union Funding, the fastest growing national mortgage brokerage in the commercial real estate sector, arranged a creative solution in one of many recent deals the company has produced for international clients.
Sprout Brook Shopping Center, situated on the robust retail corridor along Route 17 in Paramus, is a 22,000 SF retail center anchored by a Vitamin Shoppe and Jenny Craig with ten total retail units. It is owned by international real estate investment firm Cofinance Group.
Cofinance Group is a sophisticated global real estate investor – with offices in Luxembourg, Paris and the United States – and maintains a diverse portfolio. Directed in the United States by James J. Maurer, president of the company, Cofinance Group owns, operates, develops and manages a full spectrum of asset types including retail, multifamily, office, industrial and hotels.
The refinance of this asset, one of several Cofinance products in New Jersey, was orchestrated by Eastern Union’s Co-founder and Managing Partner Abraham Bergman and Joe Orzel, Senior Loan Consultant.
“We were very happy with Joe and Abe, and their performance refinancing the project,” Maurer said. “Eastern Union Funding secured the best deal for us.”
The brokers originated and negotiated a five year non-recourse loan at 3.5 percent with 70 percent LTV through Flushing Savings Bank.
“By closing with a balance sheet lender we were able to provide our client with a non-recourse option outside of Wall Street,” Bergman said. “At first, this had all the characteristics that would call for a Wall Street loan, but in the end we avoided defeasance and provided a very aggressive pre-payment penalty,” Orzel added.
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/.