The company’s President Ira Zlotowitz and Meir Kessner, senior managing director, arranged a seven year deal, provided by Arbor Commercial Mortgage, at just 2.784 percent, covering 80 percent of the borrower’s costs without recourse.
The client was one of the industry’s household names, the 50-year-old, Montreal-based Rosdev Group, and the purchase signaled an addition to its extensive holdings in the Florida. Rosdev’s longtime local partner, Blue Rock Partners LLC, a Florida-based real estate management firm which runs over 9,000 units, will manage with property and oversee planned capital improvements.
“Thanks to a rebounding market, our client swooped in when the upside potential was greatest,” said Zlotowitz. “The Florida market is proving itself to be highly promising right now, as this is Eastern’s third deal there in a month. We will continue to move according to the drumbeat of the robust market.”
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/.
# # #