TAMPA, Fla., Nov. 5, 2014 /PRNewswire/ -- One of the industry's household names, the 50-year-old, Montreal-based Rosdev Group, made another addition to its extensive holdings in the Florida market last week, in the form of a $16.7 million acquisition of The Park at Coventry, a large multifamily complex in Tampa.
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.
Purchase of the Park at Coventry, a 320-unit community, located near University of South Florida and the H. Lee Moffit Cancer and Research Center, was facilitated by Eastern Union Funding, one of the fastest growing commercial brokerages serving the national real estate sector.
Eastern Union closed the acquisition loan in less than 30 days.
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.
"Thanks to a rebounding market, our client swooped in when the upside potential was greatest," said Zlotowitz. "TheFlorida 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."
"The terms and overall speed of this loan put us in a powerful position," said Rosdev's Randy Moses. "The property is already a strong asset, and this gives us the flexibility to maximize its upside even further."
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/.