ROCKLAND, ILLINOIS – March 17, 2015: Strategic Properties of North America (SPNA) is in high gear.
Currently owning and operating over $175 million in assets, SPNA has a nationwide foot print which now includes this best in class 15-story apartment building – housing 110 multifamily units – located on Main Street in Rockford, IL.
The sale punctuates the firm’s investment strategy of purchasing high quality Real Estate in secondary markets in order to drive stable double digit yield to its investors.
“SPNA prides itself on finding the go-to properties in secondary markets,” said SPNA Principal Saul Kuperwasser. “This property, with its current cash-flow and seismic potential, highlights our strategy.”
SPNA chose Eastern Union Funding to facilitate sourcing the debt on the purchase. Eastern Union Funding - the fastest growing commercial real estate mortgage brokerage serving the national sector - closed its second Illinois loan in as many months through this transaction.
Eastern Union’s President Ira Zlotowitz and Senior Managing Director Meir Kessner originated and closed the $6.742 million 12-year non-recourse loan. Locked in at 4.35 percent with one year interest only, the financing covers roughly 80 percent of the borrower’s costs. The loan was provided by a national direct lender and will be securitized through Fannie Mae.
From a financing standpoint, Eastern Union’s Zlotowitz said his company’s production of agency loans is on an upward slope, particularly in markets where the non-recourse high-leverage deals are far more competitive than products offered by regional lending sources.
This deal is case in point.
“SPNA is an aggressive force in the industry because the company identifies upside and pounces on it. By working with an agency, we could leverage this deal and add further value based on our client’s relentless ability to execute and pull off a deal,” Zlotowitz said.
About Eastern Union Funding: Founded in 2001, Eastern Union Funding is, according to Crain’s NY and Inc. 5000, the fastest-growing debt brokerage serving the national commercial real estate sector. Eastern Union’s sophisticated infrastructure is premised on our continued presence as the most trusted advisers in the industry, closing loans with over 85 lending sources regularly. With trust at the core of our corporate model, Eastern Union has arrived as a top-tier mortgage company. Our company’s trusted adviser anthem has prompted accolades for outstanding performance and a host of individual awards for Eastern Union’s real estate professionals. Our loan products include multi-state, multi-site portfolios, as well as deals financing smaller, single-property transactions. Eastern Union currently places an average of $3 billion every 12 months, and that number continues to increase. Eastern Union, which operates nationwide, is headquartered in New York, with offices in New Jersey, Maryland and Israel.. For more information, please visit:http://www.easternuc.com/.
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