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Eastern Union Funding Arranges $9.85M for Six-Story, Harlem Multifamily Acquisition

Friday, November 7, 2014

Long-Time Tri-State Management Company Inks First Manhattan Acquisition

NEW YORK – November 4, 2014: In its second deal on the same street in four months, Eastern Union Funding, a leading national commercial mortgage brokerage firm, negotiated an acquisition loan last week for the $13.5 million trade of a multifamily, located at 672-674 Saint Nicholas Avenue in Harlem.

The deal was the first Manhattan transaction for Eastern Union Funding’s client Shamco Management Corporation, a privately held management firm with over 1,000 units in Brooklyn and in New Jersey. Eastern Union’s David Metzger and Nate Hyman arranged a seven year solution, fixed at 3.5 percent with a five-year renewal option. Metzger and Hyman teamed up to originate the loan with Investors Bank, which is consistently ranked among the top ten most active banks lending to the multifamily housing sector in the New York Metropolitan area.

Eastern Union Funding closed another deal a few blocks down, on the same street, in late June for the Gorjian Real Estate Group. Shamco Management is likewise tapping into an increasingly robust market, and the building’s 48 units are fully occupied. 

“This building meets the standards and demands of the neighborhood,” Metzger said. “The standard is well-managed facilities, which Shamco is historically recognized for, and the demand in this submarket is for market-rate housing.”

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/.



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