The ten year, non-recourse loan was provided by a CMBS lender at 4.9 percent interest. The transaction was negotiated by Shaya Ackerman, senior managing director and head of structured finance, based out of the firm’s Howell, NJ office.
Recently renovated, the class A office building is fully occupied and leased to two top-tier institutional credit tenants.
“We were able to bring a lot of value to the table, given the strength of the borrower, the tenants and the recent upgrades,” Ackerman 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/.