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Eastern Union Funding Arranges Acquisition Loan for $30M Purchase of Bronx Landmark

Thursday, April 2, 2015

$22.5M purchase money mortgage brings landmark property trade to finish line

BRONX, NY – April 2, 2015: Eastern Union Funding, the country’s most trusted real estate debt broker, arranged financing for a circa-1927 building on 975 Walton Avenue in the Bronx on behalf of City Life Realty. Eastern Union’s client scooped up the property’s 185 multifamily units and one commercial space from E & M Associates for $30 million.

The prewar property survived a severe fire in 2012, rebuilt, and remains a neighborhood fixture. It is throwing distance from Yankee Stadium and a landmark in The Bronx.

Eastern Union’s David Eisen brokered a non-recourse $22.5 million loan with Investors Bank. The deal has a 12-year term with the first seven years fixed. The deal is also the latest in a slew of mid-to-large New York City acquisitions facilitated by Eisen, who said this property has a distinguishing trait: namely size.

“You don’t find buildings like this anymore. It’s big. Big boxy building with big units—they don’t built such large units today,” Eisen said.


Founded in 2001, Eastern Union Funding is the country’s most trusted debt brokerage and one of the fastest-growing mortgage companies. One of the top 10 non-direct-lender financial intermediaries on Mortgage Bankers Association’s annual survey, the company’s reliable debt solutions have also prompted accolades from Crain’s New York, Inc. Magazine, Real Estate Forum 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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