EUF, a top 10 commercial real estate debt brokerage, worked on behalf of the borrower, a development group based in Newark, to secure a seven-year $9.1 million loan with a competitive interest rate of just 3.375 percent. Proceeds will be used to refinance the property.
EUF’s team was led by Michael Muller senior managing director Michael Muller. The transaction was negotiated with a national balance sheet lender.
“We’re providing our clients with relatively long-term products and today’s rates. In this case, the owner didn’t want to go through the refinancing process for a deal with a rapidly-approaching expiration date. And thanks to close ties with a competitive national lender and strong underwriting, he doesn’t have one,” Muller said.
About Eastern Union Funding: Founded in 2001, Eastern Union Funding is a top 10 commercial mortgage brokerage, according to Mortgage Bankers Association’s annual survey. Eastern Union’s sophisticated and reliable debt solutions are built on a foundation of trust, and complemented by a one-of-a-kind Equity Division. As reported by Crain's New York, Eastern Union is one of the top 50 fastest growing companies in NYC. Closing an average of $3 billion in annual transaction volume nationwide, Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more on the country’s most trusted commercial mortgage brokerage visit www.easternuc.com.
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