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Eastern Union Funding Closes $8.25M to Refinance Apartment Building in Bronx, NY

Wednesday, November 18, 2015

3.15 percent loan provides cash-out, facilitates another acquisition


BRONX, NY:  November 18, 2015: Eastern Union Funding, a top 10 commercial real estate debt brokerage, arranged an $8.25 million loan against a three-story Bronx apartment building. Proceeds from that deal were infused into the acquisition of several other Bronx properties.

Eastern Union’s Senior Managing Director Michael Muller and Mike Orlik, senior underwriter, negotiated a non-recourse five year loan for that amount fixed at 3.15 percent. They negotiated the loan with a competitive regional balance sheet lender.

The brokers on the deal said the property, like the surrounding market, has appreciated rapidly enough to facilitate the purchase of more assets.

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, and one of the top 50 fastest growing companies in NYC, as reported by Crain's New York Business the past two years straight. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union caps its fees at $135k and closes an average of $3 billion in annual transaction volume nationwide. The firm’s sophisticated debt solutions are complemented by a one-of-a-kind Equity Division. Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more on the country’s most trusted commercial mortgage brokerage visit www.easternuc.com.

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