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Eastern Union Funding Secures $45 Million Refinancing Baltimore Apartment Complex

Friday, October 23, 2015

Blue Ocean Realty replenishes capital stack with competitive 10-year loan

BALTIMORE, MD – October 23, 2015: Eastern Union Funding, a top 10 commercial real estate debt broker, arranged a $45 million loan against the 721 units comprising Millbrook Park Apartments in Baltimore.

Eastern Union President Ira Zlotowitz and Meir Kessner, senior managing director, negotiated a 10-year loan with competitive interest. The pair negotiated the deal with Pennsylvania-based balance sheet lender Customers Bank.

“Millbrook’s upside potential is massive, and the strong performance of this property not only facilitated aggressive proceeds, it also paved the way for additional funding based on future appraisals,” Zlotowitz said. 

Blue Ocean Realty purchased Millbrook nearly two years ago. Jonathan Ehrenfeld, president of Blue Ocean Realty, has since refinanced once with another loan product structured by Eastern Union, but heeded advice from the company to capitalize on long term rates while they’re still favorable.

“The closing of this refinance was a great success for our investors and the Blue Ocean team. Eastern was critical from the beginning to end – overseeing the process every step of the way,” Ehrenfeld said. 

“There were several significant hurdles that we had to overcome to get to the finish line. At the end of the day, Ira’s and Meir’s well established relationships were the reason we got there. Another great execution by Eastern.”

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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