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Eastern Union Funding Closes $9 Million for Haines City Mall in Central Florida

Wednesday, September 16, 2015

10 year loan approved within three weeks of application


HAINES CITY, FL– September 16, 2015: Eastern Union Funding, a trusted brokerage and innovator in the commercial mortgage marketplace, arranged a $9 million loan for the purchase of a 22 – unit shopping mall in Haines City, Florida anchored by Publix. The deal was closed on behalf of the buyer, operating as Haines City Mall LLC.

The seller, who was also fielding acquisition bids from New York-based powerhouse Inland Services is an affiliate of Blackpoint Partners – another New York-rooted shop with an immense international portfolio.

Eastern Union’s David Betesh and Jay Bidnick, both based in the firm’s Airmont, New York, location, originated and arranged the non-recourse 10-year loan with five years interest-only and an interest rate of 4.7 percent. Financing was negotiated with a privately owned commercial real estate lender.   

The 118,800 SF mall sits on US highway 17 in the central Florida town of Haines City. It houses 22 units.

“The borrowers were a group of foreign investors who were seeking to increase their portfolio of grocery anchored tenants. Our client was facing heavy competition, and they won the bid thanks to a competitive financing solution that met the timeframe laid out by the seller.”  

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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