Eastern Union’s Michael Muller and Mike Orlik are the brokers who arranged the five-year financing package at a fixed-rate of 3.25 percent for these properties. The buildings are located back-to-back on two streets and share a common courtyard. Also, together they consist of 16 units, both ground-level and duplexes, and feature on-site parking.
Commenting on the loan transaction, Mr. Muller said, “We are noticing a strong demand for rental properties in the neighborhood where the buildings are located. The neighborhood is changing and, given its proximity to public transportation, there is low vacancy rate in the area.”
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.