Eastern Union Funding arranges $44.1 million
BROOKLYN, NY — Eastern Union Funding arranged a $19.5 million acquisition loan on behalf of a buyer operating as 270 Meserole Street LLC.
To facilitate this transaction, Eastern Union’s Jeff Seidenfeld negotiated a $19.5 million five year loan. Financing was arranged with Investors Bank.
Eastern Union Funding arranged a $20 million loan for ground up construction on 99 Morningside Ave. on behalf of Azimuth Development Group LLC.
Seidenfeld brokered the loan, which covers 100% of construction costs and 90% of the client’s out of pocket costs—a loan with a storyline in its own right for what will be a game-changing piece of real estate in West Harlem.
Provided by Madison Realty Capital, the loan features two years interest-only with an interest rate of 11.5%.
“Normally, paying double digit rates is very high, and most of our construction loans are sub-five percent,” Seidenfeld said. “In this case, the final product was cheap equity. This leverage would have been impossible had we gone with a conventional bank, the client would have had to put up substantially more equity and possibly taken out a partnership.”
WASHINGTON, D.C. — Eastern Union’s David Merkin, based in the firm’s Mid-Atlantic office, originated and arranged a non-recourse seven-year $4.6 million loan carrying a competitive interest rate. It closed with Investors Bank, which is based in New Jersey, lends to a broad range of markets and consistently expands its banking footprint.
Merkin worked with Investors to refinance this property – despite its location to the south of the Short Hills-based lender’s typical market. In doing so, the bank tapped into one the most thriving real estate corridors in Washington DC.
“This was the easiest refinancing I’ve ever done,” said managing member Ronald Bergman. “Today, they make you jump through a lot of hoops, but thanks to David and the team at Investors, we avoided all that – we had our ducks in a row.”
Minnesota commons is across the street from the Metro, in the center of increasing real estate development, and also across the street from the DC Department of Employment Services Headquarters—in addition to an array of nearby cafes, restaurants, retail outlets and parks.
“It’s a prime location,” Merkin said. “As a testament to that, we brought the lender into the market place, got them acquainted with the area, and ultimately arranged an aggressive quote. This loan product was more competitive than an agency product or anything a regional bank could offer.”