The 18-month loan features a floating rate of 1 percent over prime. Brokered by Eastern Union’s Marc Tropp and supplied by a regional balance sheet lender, the loan is uniquely structured, allowing the client to pay down two separate debts with each payment—50 percent towards this loan and 50 percent for the $7.5 million purchase of the church, which was a separate transaction.
Located at 2709-2715 N Street NW, The church is an historic property in a Georgetown enclave and its landmark status will be preserved following the renovation period. Its new owner is a Bethesda-based company which owns a diverse portfolio of multifamily, commercial and residential assets in the region.
“We’re excited to announce this project. It’s a phenomenal property and my team was able to likewise structure a phenomenal deal,” Tropp said. “We closed on terms which allow the flexibility that will be critical in realizing maximum upside for this asset.”
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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