Eastern Union Funding Arranges $9 Million Loan for 220 Saint Nicholas Avenue, New York, NY
Monday, June 23, 2014
Eastern Union Funding, LLC, one of the country’s largest national commercial mortgage brokerage companies, negotiated a $9 million loan for the mixed-use property located in Central Harlem.
The six-year, non-recourse loan was provided by a regional balance sheet lender. The transaction was negotiated by Eastern President Ira Zlotowitz and Meir Kessner, senior managing director.
The property was purchased out of foreclosure and renovated extensively, with two penthouses each fetching $7,000 in monthly rent. This deal replenishes a construction loan taken out to make the upgrades.
“Together with our client, we believed that this was an established neighborhood. And, true to form, the building is now fully occupied after a brief renovation period,” Kessner 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/.
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