Eastern Union Funding Arranges Financing for 10-Property Multifamily Acquisition in Hartford County, Conn.
Friday, January 20, 2017
Complex Lending Requirement Includes 239 Fractured Condo Units
Eastern Union Funding has arranged over $22 million in acquisition financing for UP REALTY LLC's purchase of 423 units across 10 Hartford County, Conn., multifamily properties.
The package—comprising three loans from Bankwell and three loans from Investors Bank—includes 136 fractured condos at Gateway Estates Condominiums and 103 fractured condos at Coachlight Village, both in East Hartford, Conn., as well as 90 additional apartments in Hartford, Conn., 60 apartments in Newington, Conn., and 34 apartments in New Britain, Conn.
Eastern Union Senior Managing Director Motti Blau and Senior Underwriter Uri Shoshana acted on behalf of the New York-based buyer.
The properties are:
229-233 Ellington Road (Gateway Estates Condominiums), East Hartford, Conn.
30 Hillside Street (Coachlight Village), East Hartford, Conn.
59 Evergreen Ave., Hartford, Conn.
61 Evergreen Ave., Hartford, Conn.
69-71 James St., Hartford, Conn.
73-75 James St., Hartford, Conn.
530 Wethersfield Ave., Hartford, Conn.
359 New Park Ave., Hartford Conn.
1380-1390 East Street (Brookside Court Condos), New Britain, Conn.
"Fractured condos are a great way for investors to acquire high-quality multifamily units in a strong rental market," said Blau. "In Hartford County, condominium sales have decreased over 10% since the third quarter of last year. Even though fractured condo deals are more complex, lenders are showing confidence, which allowed us to secure attractive terms on behalf of our client."
About Eastern Union Funding: Founded in 2001, Eastern Union Funding is one of the nation's strongest and most active commercial mortgage brokerage firms and was named by Crain's New York Business in 2014 and 2015 as one of the top 50 fastest growing companies in NYC. Its award-winning team closes over $3 billion in deals annually, specializing in sophisticated debt and equity solutions for small and mid-sized loans across all property types. Celebrating its 15th year in business, the firm this year launched its groundbreaking Eastern Union commercial real estate app that serves as a digital toolbox for investors to identify and close deals quickly. It is available in the Apple App Store and via Google Play for Android. Eastern Union is co-headquartered in New York and Howell, New Jersey, with offices in Maryland and Israel. For more information, visit www.easternuc.com.
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