Eastern Union Funding, a top 10 commercial real estate debt brokerage, announced that it arranged a second position loan on a 27 unit apartment building in Bronx, NY. The property was purchased last year, and Eastern provided the client with a loan of 75% of the purchase price of $4mm. With the compression of cap rates in the extremely hot market, the lender agreed to put a second position on the property.
“The Bronx has continued to show its strength as projected”, said Eastern Union SVP Jake Gluck. “With our relationship, we were able to go back to the original lender and allow our client to cash-out on the value of the property.”
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.