The five year loan, featuring a fixed rate of 3.375 percent, was provided by a regional balance sheet lender. The transaction was negotiated by Eastern Union Funding Managing Director Eli Breiner, who is based out of the company’s Howell office.
The property is a six-story, mixed-use elevator building with six commercial, and 57 residential, tenants, as well as 21 parking spaces.
“We had a very strong borrower, which enabled us to negotiate a competitive rate. If you crunch the numbers, it comes out to over $140,000 per unit,” Breiner said.
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/.