Eastern Union Funding arranges $8.5m to refinance 22,000 s/f
PARAMUS, NJ — Eastern Union Funding arranged a creative solution in one of many recent deals the company has produced for international clients.
Sprout Brook Shopping Center, situated on the retail corridor along Rte. 17 in Paramus, is a 22,000 s/f retail center. It is owned by international real estate investment firm Cofinance Group. The refinance of this asset, one of several Cofinance products in New Jersey, was orchestrated by Eastern Union’s co-founder and managing partner Abraham Bergman and Joe Orzel, senior loan consultant.
“We were very happy with Joe and Abe, and their performance refinancing the project,” Maurer said. “Eastern Union Funding secured the best deal for us.”
The brokers originated and negotiated a five year non-recourse loan at 3.5% with 70% LTV through Flushing Savings Bank.
“By closing with a balance sheet lender we were able to provide our client with a non-recourse option outside of Wall Street,” Bergman said. “At first, this had all the characteristics that would call for a Wall Street loan, but in the end we avoided defeasance and provided a very aggressive pre-payment penalty,” Orzel added.