AUBURN, AL – June 19, 2015: Eastern Union Funding, a top 10 commercial real estate debt brokerage, arranged an aggressive loan to refinance an Auburn University student housing complex.
Eastern Union Senior Managing Director Phil Krispin negotiated a 10-year, non-recourse $13.7 million loan with a competitive interest rate of 4.3 percent and three years interest-only. With the combined force of increased asset value and cap rate compression, Krispin achieved a $1 million cash-out - a testament to strong underwriting for an equally strong project that broke ground in 1996.
This deal punctuates a rapid ascent on Krispin’s part, who joined the firm from Greystone in February of this year to expand Eastern Union’s agency lending footprint. “Phil certainly wastes no time in hitting the pavement. Our production continues to break previous records, and he’s already a key player in that growth,” said company President Ira Zlotowitz.
Financing was orchestrated through CMBS firm Redwood Trust.
Owned by student housing group The Garden District - which owns over 400 total units at Auburn and Georgia Southern University combined - the 181 garden-style apartments refinanced by the loan sports private patios, pools, and an exterior fashioned upon New Orleans’ historic Garden District and famous French Quarter
The facility is a mile off campus but on the “Tiger Train,” a local trolley which transports Auburn students to the college.
“Phil and his team at Eastern Union loved the ‘city-scape’ feel, and delivered exactly what we had outlined going into the refinancing process. Phil told me ‘you get exact feel of being in New Orleans here,’ with these tight streets, elevation changes, cantilevered balconies – all of these features that were designed to make it feel as if you are actually walking down the streets of the French Quarter,” said Howard H. Weissinger, Managing Partner of The Garden District. “Not only did he execute the best deal possible for The Garden District, he also understood our vision, and we’ll definitely use Phil and Eastern again,” Weissinger added.
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 per Crain's New York, Eastern Union is one of the top 50 fastest growing companies in NYC. Other accolades, also based on growth, came from Inc. 5000, real estate forum, Observer Media and more. 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 debt brokerage visit www.easternuc.com
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