The five-year non-recourse loan was originated and arranged by Eli Breiner and Zevi Schwartz, both located in the firm’s Howell, NJ, office. It was provided by a regional balance sheet lender and features a competitive interest rate of 3.125 percent.
The two story property houses 64 units and is located in the Northwest neighborhood of Philadelphia.
“There were some challenges because this property was only recently purchased, but we ultimately overcame them and arranged the refi at the perfect moment,” Breiner said. “By teaming up with a regional lender, who Eastern Union has close ties with, we could ultimately represent this high-performing property and veteran borrower to maximize proceeds and cut costs dramatically,” Schwartz added.
About Eastern Union Funding: Founded in 2001, Eastern Union Funding is, according to Crain’s NY and Inc. 5000, the fastest-growing debt brokerage serving the national commercial real estate sector. Eastern Union’s sophisticated infrastructure is premised on our continued presence as the most trusted advisers in the industry, closing loans with over 85 lending sources regularly. With trust at the core of our corporate model, Eastern Union has arrived as a top-tier mortgage company. Our company’s trusted adviser anthem has prompted accolades for outstanding performance and a host of individual awards for Eastern Union’s real estate professionals. Our loan products include multi-state, multi-site portfolios, as well as deals financing smaller, single-property transactions. Eastern Union currently places an average of $3 billion every 12 months, and that number continues to increase. Eastern Union, which operates nationwide, is headquartered in New York, with offices in New Jersey, Maryland and Israel.. For more information, please visit: http://www.easternuc.com/.
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