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Eastern Union Funding’s Healthcare Production in High Gear with Non-Recourse $27.175m Refi for Skilled Nursing Home in Astoria

Monday, September 21, 2015

15 year self-amortizing loan trumps competition during competitive due diligence process

ASTORIA, NY – September 21, 2015: Eastern Union Funding, a top-10 commercial real estate debt brokerage, inked a deal between a regional lender and the owners of a building occupied by the New York Center for Rehab and Nursing, located at 26-13 21st Street in Astoria.

Eastern Union’s Jonathan Singer and Abraham Bergman, Senior Managing Director and Managing Partner, respectively, led financing team on behalf of the borrower, Astoria Pines. The team arranged a non-recourse 15-year loan with a competitive interest rate, brokered through leading New York City multifamily lender Investors Bank.

“We needed a self-amortizing 15/15 loan. Jonathan and company delivered, quickly and methodically,” said Henry Schone, Managing Member of Astoria Pines. In the three-month closing (an aggressive timeframe in the healthcare arena) Mr. Singer, together with Investors, fielded their share of challenges.

“The financing team was facing steep competition on multiple counts. Thanks largely to the due diligence of Eastern’s underwriters and the team at Investors, we were able to wrap our heads around the deal and get it past the finish line,” Mr. Singer said.

The New York Center for Rehab and Nursing is a nine-story building with 280 beds. It is located near the RFK Bridge.

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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